Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. on january 31, 2018 logo logistics, inc., issued t

On January 31, 2018 Logo Logistics, Inc., issued ten-year, 4% bonds payable with a face...

90.2K

Verified Solution

Question

Accounting

image
image
image
On January 31, 2018 Logo Logistics, Inc., issued ten-year, 4% bonds payable with a face value of $7,000,000. The bonds were issued at 92 and pay interest on January 31 and July 31. Logo Logistics amortizes bond discounts using the straight-line method. Read the requirement a. Record the issuance of the bond payable on January 31, 2018. (Record debits first, then credits. Exclude explanations from any Journal entries.) Journal Entry Date Accounts Debit Credit Jan 31 b. Record the payment of semiannual interest and amortization of bond discount on July 31, 2018. Journal Entry Date Accounts Debit July 31 Credit c. Record the interest accrual and discount amortization on December 31, 2018 Do not round intermediary calculations. Only round the amour Journal Entry Date Accounts Debit Credit Dec 31 Requirement 1. Record (a) the issuance of the bonds on January 31, 2018. (b) the semiannual interest payment and amortization of the bond discount on July 31, 2018, and (c) the interest accrual and discount amortization on December 31, 2018. Print Done

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

1. Which of the four \"I\"s (four factors) of transformational leadership (according to Bass and Avolio...

Operations Management
Q

Problem 2-21 Financial Statements [LO1] Use the following information for Taco Swell, Inc., (assume the tax rate...

Finance
Q

What are three new sources of stress for today’s police officers. What are some healthy coping...

Psychology
Q

You may have used shortcuts to see if a number is divisible by another. Where do...

Advance Math
Q

8 9 1 point Given the angle measure below what must be true O O...

Geometry
Q

For a standard position angle determined by the point x y what are the values...

Algebra
Q

Evaluating Investment Centers Terry Enterprises, Inc. has two divisions - the Foods division...

Accounting
Q

(a) Joseph Finley wishes to become a millionaire. His money market fund has a balance...

Accounting
Q

Perch Co. acquired 80% of the common stock of Float Corp. for $1,600,000. The fair...

Accounting
Q

The following unadjusted Trial Balance for Shawn's Construction for year ended Dec 31, 2013. Beginning...

Accounting
Q

Tamarisk Merchandising uses an aging schedule to determine its estimated uncollectible accounts at year end....

Accounting
Q

what action must the central bank make to maintain the fixed exchnahe rate following an...

Finance