on december 31 spearmint, incorporated, issued $450,000 of 9 percent, 3-year bonds for cash of $461,795. after recording the related entry, bonds payable had a balance of $450,000 and premium on bonds payable had a balance of $11,795. spearmint uses the straight-line bond amortization method. the first semiannual interest payment was made on june 30 of the next year. complete the necessary journal entry for june 30 by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns.

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24-11-2022
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on december 31 spearmint, incorporated, issued $450,000 of 9 percent, 3-year bonds for cash of $461,795. after recording the related entry, bonds payable had a balance of $450,000 and premium on bonds payable had a balance of $11,795. spearmint uses the straight-line bond amortization method. the first semiannual interest payment was made on june 30 of the next year. complete the necessary journal entry for june 30 by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns.

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contexto38 contexto38 · Answer 1 · 2022-11-29T07:38:07+01:00

The journal entries as on the date June 30 will have an effect debit to Interest Expenses and Premium Accounts, and credit to the Cash Accounts. Additionally, Proceeds Account will be debited, and the Bond Ac, Premium on Bonds will be credited.

The journal entries for the given accounting transaction in the books of Spearmint Inc. will be as below,

Interest expense Ac. Dr. 18,284.17

Premium Ac. Dr. 1,965.83

To, Cash 20,250

Proceeds Ac. Dr. 461,795

To, Bonds Payable Ac. . 450,000

To, premium on bonds payable Ac. 11,795

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