Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. on july 1, 2021, blossom corp, issued $3,870,000 o

On July 1, 2021, Blossom Corp, issued $3,870,000 of 10 year, 5% bonds at $4,186,400....

50.1K

Verified Solution

Question

Accounting

image
image
image
On July 1, 2021, Blossom Corp, issued $3,870,000 of 10 year, 5% bonds at $4,186,400. This price resulted in a market interest rate on the bonds. The bonds pay semi-annual interest on July 1 and January 1 and Blossomhasa December 31 year end Record the accrual of interest at December 31, 2021, and the subsequent payment on January 1, 2022. Round answers to decimal places, s. 5.275. Credit account titles are automatically indented when the amount is entered. Do not inden marron is required, select "No Entry for the account titles and enter for the amounts) Date Credit Debit Account Titles and Explanation Dec. 31 2021 Interest Expert 1302 wers Payable To accre interest expense San. 1 2022 c To record interest payment a Date Account Titles and Explanation Debit Credit Aug 31, 2021 4501 Bonds with Imerest To accrue interest expenses Jan. 1 2022 were To records that

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

Mechanical Engineering
1.2K views

Design a four-link mechanism when the motions of the input and the output links are governed...

Biology
1.2K views

During translation a one mRNA molecule works with several rRNA molecules and many tRNA molecules...

Basic Math
1.2K views

Dhana is able to prove the following about functions fand g What has she shown...

Basic Math
1.2K views

Some 4 5 7 questions supply a data set like the one below which must...

Statistics
1.2K views

Step 11 If the found p value is less than or equal to a given...

Calculus
1.2K views

Find the center foci and vertices of the ellipse Graph 36x 2 25y 2 288x...

Algebra
1.2K views

3 Solve the linear systems of equations using the elimina addition multiplication method 10x 10y...

Algebra
1.2K views

Factor the polynomial completely 7x 28x 84x

Accounting
1.2K views

Balance Sheet Preparation The December 31, 2019, balance sheet accounts of Hitt Company are shown...

Accounting
1.2K views

Analysis of Receivables Method At the end of the current year, Accounts Receivable has a...

Accounting
1.2K views

planning an Audit I am creating an audit plan for an organization's financial statements based...

Finance
1.2K views

In April 2016 a company realizes that it will have oil to sell in June...