Presented below are two independent situations. 1. 2. On January 1, 2025, Blossom Company issued $396,000...

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Presented below are two independent situations. 1. 2. On January 1, 2025, Blossom Company issued $396,000 of 9%, 10-year bonds at par. Interest is payable quarterly on April 1, July 1, October 1, and January 1. On June 1, 2025, Blue Company issued $348,000 of 12%, 10-year bonds dated January 1 at par plus accrued interest. Interest is payable semiannually on July 1 and January 1. For each of these two independent situations, prepare journal entries to record the following. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) . The issuance of the bonds. b. The payment of interest on July 1. C. The accrual of interest on December 31. Date Account Titles and Explanation Debit Credit 1. Blossom Company: 2. Blue Company: Presented below are two independent situations. 1. 2. On January 1, 2025, Blossom Company issued $396,000 of 9%, 10-year bonds at par. Interest is payable quarterly on April 1, July 1, October 1, and January 1. On June 1, 2025, Blue Company issued $348,000 of 12%, 10-year bonds dated January 1 at par plus accrued interest. Interest is payable semiannually on July 1 and January 1. For each of these two independent situations, prepare journal entries to record the following. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) . The issuance of the bonds. b. The payment of interest on July 1. C. The accrual of interest on December 31. Date Account Titles and Explanation Debit Credit 1. Blossom Company: 2. Blue Company:

Answer rating: 100% (QA)

The journal entries are given below Date Account Title and Explana... View the full answer