Home > Accounting Liabilities and Equity. Additionally, the student should research about Prepare journal entries
Accounting Liabilities and Equity. Additionally, the student should research about Prepare journal entries
Accounting Liabilities and Equity. Additionally, the student should research about Prepare journal entries and write answers according to instructions.
Accounting Liabilities and Equity-Prepare journal entries
During 2011 and 2012, Data Resources, Inc. engaged in financial transactions that involved short-term liabilities.
1. Using the financial transaction information provided below, determine the following. Record your responses on page 2.
a. Firstly, All three note maturity dates.
b. Secondly, The interest due on all three notes on the dates they mature, assuming a 360-day year.
c. Thirdly, The interest expense for the 2011 year-end adjusting entry.
For distinguished performance, determine the interest expense for 2012
Note: That is, The company uses a perpetual inventory system
Prepare journal entries for all 2011 and 2012 events and transactions for Data Resources, Inc.
Exercise 4-2
On January 1, 2012, Fromer issued $3,000,000 of 12-year, 7 percent bonds. Interest is paid semi-annually on June 30 and December 31. The issue price was $2,592,000.
1. Prepare the January 1, 2012, journal entry that records the bond issue. Then,
1. Compute the following for each semi-annual period:
a. Firstly, Cash payment.
b. Secondly, Straight-line discount amortization.
1. Determine the total interest expense recognized over the life of the bonds.
Prepare the first two years of an amortization table (use the straight-line method)
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