CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 12-3 Bonds Payable Transactions.

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Presentation transcript:

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 12-3 Bonds Payable Transactions

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 2 LESSON 12-3 ISSUING BONDS page Record the issuance of the bonds. 1

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 3 LESSON 12-3 Balance Owed on Bond Issue Bond Interest Rate = Annual Interest × $250, %=$30, × 2.Record the payment of the interest. 1.Calculate the annual interest. PAYING INTEREST ON BONDS page

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 4 LESSON Record the initial payment to the bond sinking fund. DEPOSITING CASH IN A BOND SINKING FUND page 357 1

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 5 LESSON 12-3 Amount of Increase in Sinking Fund Interest Earned During Year = Amount to be Deposited – $50,000.00$2,000.00=$48, – 2.Record the payment to the bond sinking fund. 1.Calculate the amount to be deposited in the fund. DEPOSITING CASH TO SINKING FUND AND RECORDING INCOME EARNED page

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 6 LESSON 12-3 July 1, 20X4. Received notice from bond trustee that bond issue was retired using bond sinking fund, $250, Memorandum No Bonds Payable Retired250,000.00Balance250, (New Bal. zero) Bonds Sinking Fund Balance250, (New Bal. zero) Retired250, RETIRING A BOND ISSUE page 358

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 7 LESSON 12-3 TERMS REVIEW bond bond issue trustee bond sinking fund retiring a bond issue term bonds serial bonds page 360