Randall, Inc., issued $ 1,000,000 of 30-year, 6 percent bonds, dated March 1. Interest is payable on

Question:

Randall, Inc., issued $ 1,000,000 of 30-year, 6 percent bonds, dated March 1. Interest is payable on March 1 and September 1. The fiscal year extends from January 1 through December 31. Journalize entries for the following:
Sept. 1 Payment of semiannual interest
Dec. 31 Adjustment for accrued interest expense