Lihue Enterprises issued $1,500,000, 9%, 20-year bonds on November 1, 2011. Interest payment dates are May 1

Question:

Lihue Enterprises issued $1,500,000, 9%, 20-year bonds on November 1, 2011. Interest payment dates are May 1 and November 1. The bonds were sold at face value.

Required:

1. Provide the journal entry to record the initial issuance of the bonds.

2. Provide the required journal entry on December 31, 2011.

3. Provide all journal entries relating to the bonds made during 2012.

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Accounting concepts and applications

ISBN: 978-0538745482

11th Edition

Authors: Albrecht Stice, Stice Swain

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Question Posted: Dec 30, 2011 05:08 AM

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Lihue Enterprises issued $1,500,000, 9%, 20-year bonds on November 1, 2011. Interest payment dates are May 1

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1 2011 Nov 1 Cash 1500000 Bonds Payable 1500000 To record issuance of 1500000 20year 9 bonds at face ...View the full answer

Accounting concepts and applications

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