Wedge Inc. is planning to purchase $283,000 worth of 6-year bonds issued by George Company, a...

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Wedge Inc. is planning to purchase $283,000 worth of 6-year bonds issued by George Company, a privately traded company, on January 1, 2023. The interest rate of the bonds is 5% annually; payments are made semi-annually on June 30 and December 31 every year. Wedge Inc. has a December 31 year-end and plans to hold the bonds until maturity. Required Prepare journal entries for the bonds' acquisition, the first interest payment and retirement of the bonds on January 1, 2029. Do not enter dollar signs or commas in the input boxes. Round all answers to the nearest whole number. Date Account Title and Explanation Jan 1, 2023 Jun 30, 2023 To record purchase of bonds at par Debit Credit To record cash receipt of interest Jan 1, 2029 To record receipt of cash at maturity Wedge Inc. is planning to purchase $283,000 worth of 6-year bonds issued by George Company, a privately traded company, on January 1, 2023. The interest rate of the bonds is 5% annually; payments are made semi-annually on June 30 and December 31 every year. Wedge Inc. has a December 31 year-end and plans to hold the bonds until maturity. Required Prepare journal entries for the bonds' acquisition, the first interest payment and retirement of the bonds on January 1, 2029. Do not enter dollar signs or commas in the input boxes. Round all answers to the nearest whole number. Date Account Title and Explanation Jan 1, 2023 Jun 30, 2023 To record purchase of bonds at par Debit Credit To record cash receipt of interest Jan 1, 2029 To record receipt of cash at maturity

Answer rating: 100% (QA)

Jan 1 2023 Bonds Payable George Co 283000 Cash 2830... View the full answer