On 1 January Fairy Wren Ltd issued $100 000, 10%, 10-year unsecured notes at face value. Interest
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On 1 January Fairy Wren Ltd issued $100 000, 10%, 10-year unsecured notes at face value. Interest is payable half-yearly on 1 July and 1 January. Interest is not accrued on 30 June. Fairy Wren Ltd’s year-end is 31 December.
Required
Prepare journal entries to record these events:
(a) The issue of the unsecured notes.
(b) The payment of interest on 1 July.
(c) The accrual of interest on 31 December.
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Answer Required journal entries Date Accounts Debit Credit Jan01 ...View the full answer
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