Presented below are two independent situations.1.2.a.On January 1, 2025, Cullumber Company issued $396,000 of 9%, 10-year bonds at par. Interest is payable quarterly on April1, July 1, October 1, and January 1.For each of these two independent situations, prepare journal entries to record the following. (If no entry is required, select "No Entry" forthe account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indentmanually. List all debit entries before credit entries.)b.On June 1, 2025, Riverbed Company issued $348,000 of 12%, 10-year bonds dated January 1 at par plus accrued interest.Interest is payable semiannually on July 1 and January 1The issuance of the bonds.The payment of interest on July 1.The accrual of interest on December 31.Date1.Account Titles and ExplanationCullumber Company:DebitCredit 2.Riverbed Company:

A journal entry is a basic accounting record that is used to chronologically track financial…

Presented below are two independent situations. On January 1, 2025, Cullumber Company issued $396,000 of 9%, 10-year bonds at par. Interest is payable quarterly on April 1. July 1, October 1, and January 1. 1. 2 On June 1, 2025, Riverbed Company issued $348,000 of 12 %, 10-year bonds dated January 1 at par plus accrued interest. Interest is payable semiannually on July 1 and January 1.

Presented below are two independent situations. On January 1, 2025, Cullumber Company issued $396,000 of 9%, 10-year bonds at par. Interest is payable quarterly on April 1. July 1, October 1, and January 1. 1. 2 On June 1, 2025, Riverbed Company issued $348,000 of 12 %, 10-year bonds dated January 1 at par plus accrued interest. Interest is payable semiannually on July 1 and January 1.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter13: Long-term Liabilities

Section: Chapter Questions

Problem 5PB: Dixon Inc. issued bonds with a $500,000 face value, 10% interest rate, and a 4-year term on July 1,...

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