Red & White, Inc. issued $400,000, 7%, 5-year bonds on Janua…

Red & White, Inc. issued $400,000, 7%, 5-year bonds on January 1, 2025, at $384,027.88. Interest is payable annually on January 1. Red & White, Inc. uses the effective-interest method of amortization, has a calendar year end, and the bonds were issued for an effective interest rate of 8%. Record the journal entry on January 1st, 2025 for the issuance of the bonds.  Answer should be expressed as : DR (ACCOUNT NAME)  $X,XXX CR (ACCOUNT NAME)  $X,XXX No dates or explanations are needed.

Prepare the necessary journal entry for Summer Corporation o…

Prepare the necessary journal entry for Summer Corporation on November 1, 2025.    If no journal entry is necessary, answer “no journal entry needed”. Answer should be expressed as: DR (ACCOUNT NAME)  $X,XXX CR (ACCOUNT NAME)  $X,XXX No dates or explanations are needed.