题目内容

Lisle Corporation issued $200,000 of 10% bonds on January 1, 2014. The bonds pay interest semiannually on January 1 and July 1. The company has a fiscal year end of May 31. On May 31, 2014, the Lisle Corporation will:

A.make a journal entry to accrue interest expense from July 1 through December 31.
B.make a journal entry to accrue interest expense from January 1 through July 1
C.make a journal entry to accrue interest expense from January 1 through May 31.
D.make a journal entry to record cash interest paid on May 31.

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On January 1, 2014, Naperville Corporation issued $2,000,000, 14%, 5-year bonds with interest payable on January 1 and July 1. The bonds sold for $2,146,400. The market rate of interest was 12%. Using the effective-interest method, the debit entry to interest expense on July 1, 2014 is (round to the nearest dollar.:

A.$120,000.
B.$125,360.
C.$128,784.
D.$140,000.

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Which of the following is NOT true about a contingent liability:

A. Depends on future outcome of past events.
B. Must be recorded if it is remote.
C. Must be disclosed if it is reasonably possible.
D. None of the above

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The Singletary Company issued a $500,000, 5-year, 6% bond at par. It is a semiannual bond with interest paid on June 30th and December 31st. The entry to record the sale of the bond would include a:

A. $500,000 credit to Cash.
B. $500,000 debit to Accounts Payable.
C. $30,000 credit to Bonds Payable.
D. $500,000 credit to Bonds Payable.

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TheSingletaryCompanyissueda$500,000,5-year,6%bondatpar.ItisasemiannualbondwithinterestpaidonJune30thandDecember31st.Theentrytorecordthesemiannualinterestpaymentis:

A. InterestExpense$30,000Cash$30,000
B. InterestExpense$15,000Cash$15,000
C. InterestExpense$30,000InterestPayable$30,000
D. InterestExpense$15,000InterestPayable$15,000

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