Foreman Cleaners issued 800,000 of 10%, 20- year bonds on January 1, 2022, at 119.792 to yield
Question:
Foreman Cleaners issued €800,000 of 10%, 20- year bonds on January 1, 2022, at 119.792 to yield 8%. Interest is payable semiannually on July 1 and January 1.
Instructions
Prepare the journal entries to record the following.
a. The issuance of the bonds.
b. The payment of interest and the related amortization on July 1, 2022.
c. The accrual of interest and the related amortization on December 31, 2022.
Step by Step Answer:
a The issuance of the bonds Deb it Credit Cash 800 000 Bonds Pay able 800 00...View the full answer
Intermediate Accounting IFRS
ISBN: 9781119607519
4th Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
Related Video
A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
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