On August 1, 2017, Gonzaga Corporation issued $600, 000, 7%, 10-year bonds at face value. Interest is payable annually on August 1. Gonzaga's year-end is December 31. 1. Prepare journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
2. Prepare journal entry to record the accrual of interest on December 31, 2017. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
3. Prepare journal entry to record the payment of interest on August 1, 2018. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Please see answers in the explanation column

Explanation:

journal entry to record the issuance of the bonds.

Date               Account           Debit                  Credit

August 1st         Cash           $600, 000

2017                Bonds payable                           $600, 000

2, journal entry to record the accrual of interest on December 31, 2017.

Date               Account                          Debit                  Credit

Dec 31st         Interest Expense          $17,500

2017               Interest  payable                                     $17,500

Calculation =

Interest = P X T X R

From August - December31st = 5 months

600,000 x 5/12 x 7%= 600,000 x 0.07 x5/12= $17,500

3. journal entry to record the payment of interest on August 1, 2018

Date               Account                          Debit                  Credit

Aug 1st         Interest Expense          $24,500

2018            Interest  payable           $17,500

                    Cash                                                             $42,000

Calculation =

Interest = P X T X R

From January- August `1st= 7 months

600,000 x 7/12 x 7%= 600,000 x 0.07 x7/12= $24,500

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

answerall of the above;