Homework Help

Business
Accounting
problem 1501a af video on may 1 2020 cullumber corp...

Question: problem 1501a af video on may 1 2020 cullumber corp...

Question details

Problem 15-01A a-f (Video) On May 1, 2020, Cullumber Corp. issued $860,000, 12%, 5-year bonds at face value. The bonds were dated May 1, 2020, and pay interest annually on May 1. Financial statements are prepared annually on December 31 Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered Do not indent manually. Date Accosst Titles and Explanation Credi May 1, 2020 Prepare the adjusting entry to record the accrual of interest on December 31, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to decimal places,e.g. 5,675.) DateAcceeat Titles and Esplanation Dec. 31, 2020 LIST OF ACCOUNTS Show the balance sheet presentation on December 31, 2020. (Enter account name only and do not provide descriptive information Round answers to 0 decimal places, e.g. 5,675.) Cullumber Corp. Balance Sheet (Partial)

Prepare the journal entry to record payment of interest on May 1, 2021 (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to O decimal places, e.g. 5,675.) Date Accoust Titles and Eiplanation May 1, 2021 sHOW LIST Prepare the adjusting entry to record the accrual of interest on December 31, 2021. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to o decimal places, e.g.5,675) Date Accost Titles and Explanation Credi Dec. 31, 2021 LIST OF ACCOUNTS Assume that on January 1, 2022, Cullumber pays the accrual bond interest and calls the bonds. The call price is 101. Record the payment of interest and redemption of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to O decimal places, e.g. 5,675 Date Account Titles and Explanation an. 1, 2022 (TO ecord ment of intrest Jan. 1, 2022 To recond redemption of the honds

Solution by an expert tutor

Blurred Solution

This question has been solved

Subscribe to see this solution