Lombard Corporation issued $400,000 of 5%, 10-year bonds on January 1, 2024, at face value. Interest is
Question:
Lombard Corporation issued $400,000 of 5%, 10-year bonds on January 1, 2024, at face value. Interest is payable annually on January 1, 2025.
Instructions
Prepare the journal entries to record the following events:
a. the issuance of the bonds.
b. the accrual of interest on December 31, 2024.
c. the payment of interest on January 1, 2025.
d. Assuming Lombard has a September 30 year end, prepare the adjusting journal entry needed on September 30, 2024, and prepare the journal entry to record the interest payment on January 1, 2025, assuming reversing entries have not been used.
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a b c d 2024 Ja...View the full answer
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Related Book For 
Accounting Principles Volume 2
ISBN: 9781119786634
9th Canadian Edition
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
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