Intermediate Accounting 2 Quiz 1
ACCT 2410 QUIZ 1 Chapters 11 - 14 MASTER – V1 & V2
Name: __________________________ Student #:_________________ PLEASE PRINT
When you are finished please hand in your quiz at the front and QUIETLY leave the room. Class will resume at 2:00//8:00 at which time we will review the solutions to the quiz and spend the balance of the time on a student directed review session. Materials allowed–normal writing materials and approved non–programmable calculators that do not have "translator" capabilities. Your work must be your own. Penalties for academic dishonesty are set out in Douglas College’s Educational Policy Academic Dishonesty
MARKS WILL BE DEDUCTED IF YOU: * OPEN THIS QUIZ BEFORE YOU ARE TOLD TO BEGIN * DO NOT STOP WHEN ASKED
Question | 1 | 2 | 3 | 4 | Total | Marks available | 8 | 7 | 7 | 8 | 30 | Your score | | | | | |
1] Issuing bonds at a discount - V1
Really Really Cheap Vacations Ltd. issues $2,000,000 of five year, 5% bonds dated January 1, 20X5 on the issue date. Interest is payable on January 1 and July 1 each year. The proceeds realized from the issue were the $1,900,000 sales price less the $10,000 fee charged by Really's investment banker. Really's year end is December 31.
Required:
Prepare journal entries to record:
a. The issuance of the bonds
b. Payment of interest and related amortization on July 1, 20X5
c. Accrual of interest and related amortization on December 31, 20X5
COMPUTATIONS |
JOURNAL ENTRIES | Date | Account | DR | CR | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
1] Issuing bonds at a discount - V2
Really Really Cheap Vacations Ltd. issues $2,000,000 of five year, 5% bonds dated January 1, 20X5 on the issue date. Interest is payable on January
Name: __________________________ Student #:_________________ PLEASE PRINT
When you are finished please hand in your quiz at the front and QUIETLY leave the room. Class will resume at 2:00//8:00 at which time we will review the solutions to the quiz and spend the balance of the time on a student directed review session. Materials allowed–normal writing materials and approved non–programmable calculators that do not have "translator" capabilities. Your work must be your own. Penalties for academic dishonesty are set out in Douglas College’s Educational Policy Academic Dishonesty
MARKS WILL BE DEDUCTED IF YOU: * OPEN THIS QUIZ BEFORE YOU ARE TOLD TO BEGIN * DO NOT STOP WHEN ASKED
Question | 1 | 2 | 3 | 4 | Total | Marks available | 8 | 7 | 7 | 8 | 30 | Your score | | | | | |
1] Issuing bonds at a discount - V1
Really Really Cheap Vacations Ltd. issues $2,000,000 of five year, 5% bonds dated January 1, 20X5 on the issue date. Interest is payable on January 1 and July 1 each year. The proceeds realized from the issue were the $1,900,000 sales price less the $10,000 fee charged by Really's investment banker. Really's year end is December 31.
Required:
Prepare journal entries to record:
a. The issuance of the bonds
b. Payment of interest and related amortization on July 1, 20X5
c. Accrual of interest and related amortization on December 31, 20X5
COMPUTATIONS |
JOURNAL ENTRIES | Date | Account | DR | CR | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
1] Issuing bonds at a discount - V2
Really Really Cheap Vacations Ltd. issues $2,000,000 of five year, 5% bonds dated January 1, 20X5 on the issue date. Interest is payable on January