Exam (elaborations)

ACC 101 Final Exam Review Questions and Answers Updated 2026

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ACC 101 Final Exam Review Questions and Answers Updated 2026

Institution

Accounting 101

Course

Accounting 101

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ACC 101 Final Exam
Review Questions and
Answers Updated 2026
1.BMannixBCompanyBissuedB$1,000,000BofB5%,B5-
yearBbondsBatB98.BAssumingBstraight-
lineBamortizationBandBannualBinterestBpayments,BhowBmuchBbondBinterestBexpenseBis
BrecordedBonBtheBnextBinterestBdate?B-BAnswerB$54,000

2.BMannixBCompanyBissuedB$1,000,000BofB5%,B5-
yearBbondsBatB105.BAssumingBstraight-
lineBamortizationBandBannualBinterestBpayments,BhowBmuchBbondBinterestBexpenseBis
BrecordedBonBtheBnextBinterestBdate?B-BAnswerB$40,000

3.BIfBtheBmarketBrateBofBinterestBisB10%,BaB$100,000,B8%,B10-
yearBbondBthatBpaysBinterestBannuallyBwouldBsellBatBanBamountB-
BAnswerBlessBthanBfaceBvalue.

4.BWestBCountyBBankBagreesBtoBlendBDrakeBBuildersBCompanyB$400,000BonBJanuaryB
1.BDrakeBBuildersBDrakeBBuildersBCompanyBsignsBaB$400,000,B6%,B6-
monthBnote.BTheBentryBmadeBbyBDrakeBbuildersBCompanyBonBJanuaryB1BtoBrecordBt
heBproceedsBandBissuanceBofBtheBnoteBisB-
BAnswerBCash............................B400,000BNotesBPayable.......................................................
........................400,000

5.BBondsBwithBaBfaceBvalueBofB$600,000BandBaBquotedBpriceBofB981⁄2BhaveBaBsellin
gBpriceBofB-BAnswerB$591,000.

6.BJohnsonBCompanyBissuedB$100,000BofB6%,B5-yearBbondsBatB95.BAssumingBstraight-
lineBamortizationBandBannualBinterestBpayments,BwhatBisBtheBamountBrecordedBtoBDi
scountBonBBondsBPayableBatBeachBinterestBpaymentBpoint?B-BAnswerB$1,000

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Type: Exam (elaborations)
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ACC 101 Final Exam Review Questions and Answers Updated 2026

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