On March 1, 2014, JenStar Inc. issued at par an $80,000, 6%, three-year bond. Interest is to be paid quarterly beginning May 31, 2014. JenStar’s year-end is July 31. A partial payment schedule is shown below:
a. Record the issuance of the bond on March 1, 2014. b. Record the payment of interest on May 31, 2014. c. Record the accrual of bond interest on July 31, 2014, JenStar’s year-end, and the subsequent payment of interest on August 31,2014.