The Swifty Company issued $300,000 of 8% bonds on January 1, 2020. The bonds are due January 1, 2025, with interest payable each July 1 and January 1. The bonds were issued at 96. Prepare the journal entries for (a) January 1, (b) July 1, and (c) December 31. Assume The Swifty Company records straight-line amortization semiannually. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Explanation:

The journal entries are shown below:

a. On January 1

Cash A/c Dr $288,000      ($300,000 × 96%)

Discount on Note payable A/c  Dr $12,000

               To Note Payable A/c $300,000

(Being the note payable is recorded at discount)

b. On July 1

Interest expense A/c Dr $13,500

             To Discount on bonds payable A/c $1,500   ($12,000 ÷ 8)

             To Cash A/c  $12,000            ($300,000 × 8% ÷ 2)

(Being interest expense is recorded)

c. On December 31

Interest expense A/c Dr $13,500

             To Discount on bonds payable A/c $1,500   ($12,000 ÷ 8)

             To Cash A/c  $12,000           ($300,000 × 8% ÷ 2)

(Being interest expense is recorded)

answer; blank (1) hrm specialists,blank(2); line managers;

1   all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know