Q: Entries for Issuing Bonds Thomson Co. produces and distributes semiconductors for use by computer manufacturers. Thomson Co. issued $870,000 of 10-year, 10% bonds on May
Entries for Issuing Bonds
Thomson Co. produces and distributes semiconductors for use by computer manufacturers. Thomson Co. issued $870,000 of 10-year, 10% bonds on May 1 of the current year at face value, with interest payable on May 1 and November 1. The fiscal year of the company is the calendar year.
May 1 | Issued the bonds for cash at their face amount. |
Nov. 1 | Paid the interest on the bonds. |
Dec. 31 | Recorded accrued interest for two months. |
Journalize the entries to record the above selected transactions for the current year. Round your answers to whole number.
May 1 | | ||
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Nov. 1 | | ||
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Dec. 31 | | ||
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