Cunnington Corporation issued 5 percent, 20-year bonds payable with a maturity value of $480,000 on March 31.
Question:
Cunnington Corporation issued 5 percent, 20-year bonds payable with a maturity value of $480,000 on March 31. The bonds were issued at par and pay interest on March 31 and September 30.
Requirements
1. Record the issuance of the bonds on March 31.
2. Record the payment of interest on September 30 and accrual of interest on December 31?
CorporationA Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may... Maturity
Maturity is the date on which the life of a transaction or financial instrument ends, after which it must either be renewed, or it will cease to exist. The term is commonly used for deposits, foreign exchange spot, and forward transactions, interest...
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Journal DATE ACCOUNTS POST Dr Cr REF a May 31 Cash 480000 ...View the full answer
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