QUESTION 1

Exercise 13-2 (Part Level Submission)

The following are selected 2017 transactions of Teal Corporation.

 

Sept. 1Purchased inventory from Encino Company on account for $39,400. Teal records purchases gross and uses a periodic inventory system.Oct. 1Issued a $39,400, 12-month, 8% note to Encino in payment of account.Oct. 1Borrowed $39,400 from the Shore Bank by signing a 12-month, zero-interest-bearing $42,720 note.

 

(a)

Prepare journal entries for the selected transactions above. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record entries in the order displayed in the problem statement.)

Date Account Titles and Explanation Debit Credit

 

QUESTION 2

 

Exercise 14-4

Blossom Company issued $576,000 of 10%, 20-year bonds on January 1, 2017, at 103. Interest is payable semiannually on July 1 and January 1. Blossom Company uses the straight-line method of amortization for bond premium or discount.

 

Prepare the journal entries to record the following. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

 

(a)The issuance of the bonds.

(b)The payment of interest and the related amortization on July 1, 2017.

(c)The accrual of interest and the related amortization on December 31, 2017.

Date Account Titles and Explanation Debit Credit

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Status NEW Posted 01 Jun 2017 07:06 AM My Price 7.00

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