Ask Question
BusinessBusiness
16 August, 00:31

On October 1, 2016, Flounder Corp. issued $780,000, 9%, 10-year bonds at face value. The bonds were dated October 1, 2016, and pay interest annually on October 1. Financial statements are prepared annually on December 31. Collapse question part (a) Correct answer. Your answer is correct. Prepare the journal entry to record the issuance of the bonds.

+5
Answers (1)
  1. 16 August, 03:17
    0
    The journal entry is shown below:

    On October 1, 2016

    Cash A/c Dr $780,000

    To Bonds payable A/c $780,000

    (Being the issuance of the bonds are recorded)

    While recording we debited the cash account and credited the bond payable account so that the accurate posting can be done with the correct amount and correct item.

    The rate and time period is ignored
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “On October 1, 2016, Flounder Corp. issued $780,000, 9%, 10-year bonds at face value. The bonds were dated October 1, 2016, and pay interest ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
One difference between the short run and the long run is that perfectly competitive firms: A. always earn more economic profit in the long run. B. always earn positive economic profit in the short run, but never in the long run. C.
Answers (1)
Which of the following statements is true? Group of answer choices None of these LIFO inventory valuation requires the physical flow of goods to be representative of the cost flow.
Answers (1)
What is the greatest common factor of 72 and 90
Answers (1)
Diversification means - Options A strategy for company growth by starting up or acquiring businesses outside the company s current products and markets.
Answers (1)
Supreme Industries issues the following announcement to holders of an issue of callable, convertible notes: "Prior to the close of business on May 17, 2008, holders may convert their Notes into shares of Supreme Industries common stock at 29.
Answers (1)
New Questions in Business
A building acquired at the beginning of the year at a cost of $1,375,000 has an estimated residual value of $250,000 and an estimated useful life of 40 years.
Answers (1)
Standard Product Cost, Direct Materials Variance Condiments Company uses standards to control its materials costs. Assume that a batch of ketchup (2,300 pounds) has the following standards: Standard Quantity Standard Price Whole tomatoes 3,800 lbs.
Answers (1)
During the 1800s, there was an increase in nationalism among European countries, and many people advocated for countries being set up along ethnic or linguistic lines.
Answers (1)
If will's print shop competes in a perfectly competitive market and he charges $10 per printing job, what is the marginal revenue of his 3rd print job?
Answers (1)
A nationwide restaurant chain that varies its menu based on its location is an example of what kind of segmentation
Answers (1)
Home » Business » On October 1, 2016, Flounder Corp. issued $780,000, 9%, 10-year bonds at face value. The bonds were dated October 1, 2016, and pay interest annually on October 1. Financial statements are prepared annually on December 31.
Sign Up Forgot Password?