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ACCT 220 WEEK 5 HOMEWORK

ACCT 220 WEEK 5 HOMEWORK

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Author: Joyce Buda
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For each of the bonds listed below, record the three requested journal entries.
 
 
 
 
 
 
 
Dates and descriptions are not required.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Invested $100,000 in 5-year bonds.  The bonds were purchased at par and bear interest at a rate of 8% per annum, payable semiannually. 
 
 
 
 
 
 
 
 
 
 
 
(a)
Prepare the journal entry to record the initial investment.
 
 
 
 
 
 
 
(b)
Prepare the journal entry that Dorchester would record on each interest date.  No journal entries have been made to record monthly interest.
 
(c)
Prepare the journal entry that Dorchester would record at maturity of the bonds.  The journal entry to record the final interest payment was made separately.
Invested $100,000 of face amount of 5-year bonds.  The bonds were purchased at 103, and bear interest at a stated rate of 8% per annum, payable semiannually. 
 
 
 
 
 
 
 
 
 
(a)
Prepare the journal entry to record the initial investment.
 
 
 
 
 
 
 
(b)
Prepare the journal entry that Dorchester would record on each interest date.  No journal entries have been made to record monthly interest.
 
(c)
Prepare the journal entry that Dorchester would record at maturity of the bonds.  The journal entry to record the final interest payment was made separately.
 
 
 
 
 
 
 
 
 
 
For each of the items below, state if the lease is an operating lease or a capital lease
Reminder:  Lessor is the party that owns the item, Lessee is the party using the item
 
 
Listed below are nine fixed asset transactions.  Record the journal entries.  Dates and descriptions are not required.  The only account titles you will need are listed:
 
Account titles:
Cash
Land
Land Improvements
Building
Equipment
Expense (determine expense account title)
Prepaid account (determine full account title)
 
 
Ace Specialties bought a delivery truck for $40,000 cash.  The expected useful life is 5 years and the salvage value is $5,000.
Ace uses a calendar year and the truck was purchased on July 1, 2015.
 
 
 
Calculate the depreciation for each year using the straight line method and the double declining balance method.
 
Show the journal entry for year one for the double declining balance method.
 
 
 
 
 
 
 
 
 
 


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