Simons Garment Company issued $150,000, 6%, 10-year bond payable. Assume that the accounting year of Simons Garment

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Simon’s Garment Company issued $150,000, 6%, 10-year bond payable. Assume that the accounting year of Simon’s Garment Company ends on December 31. Journalize the following transactions for Simon’s Garment Company.

a. Issuance of the bond payable at par on July 1, 2024.

b. Accrual of interest expense on December 31, 2024.

c. Payment of semiannual cash interest on January 1, 2025.

d. Payment of the bond payable at maturity, assuming the last interest payment had already been recorded.

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Horngrens Financial & Managerial Accounting

ISBN: 9780136516255

7th Edition

Authors: Tracie Miller Nobles, Brenda Mattison

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Question Posted: Aug 10, 2023 08:21 AM

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Simons Garment Company issued $150,000, 6%, 10-year bond payable. Assume that the accounting year of Simons Garment

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a Issuance of the bond payable at par on July 1 2024 Date July 1 2024 Account Debit Credit Cash 1500...View the full answer

Horngrens Financial & Managerial Accounting

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