The first day of the fiscal year, a company issues an $700,000, 6%, 10-year bond that pays
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The first day of the fiscal year, a company issues an $700,000, 6%, 10-year bond that pays semiannual interest of $21,000 ($700,000 × 6% × ½ year), receiving cash of $700,000. Journalize the entries to record
(a) The issuance of the bonds,
(b) The first interest payment on June 30, and
(c) The payment of the principal on the maturity date.
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a The issuance of the bonds Cash ac Bank ac 700000 ...View the full answer
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Related Book For
Accounting
ISBN: 9781337902687
28th Edition
Authors: Carl S. Warren, Christine Jonick, Jennifer Schneider
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