Ayayai Corp. issued 3,200 5%, 5-year, $1,000 bonds dated January 1, 2017, at face value. Interest...

  

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Ayayai Corp. issued 3,200 5%, 5-year, $1,000 bonds dated January 1, 2017, at face value. Interest is paid each January 1. (a) Prepare the journal entry to record the sale of these bonds on January 1, 2017. (Credit account titles are automatically indented wher Date Jan. 1, 2017 Date Account Titles and Explanation Dec. 31, 2017 (b) Prepare the adjusting journal entry on December 31, 2017, to record interest expense. (Credit account titles are automatically indented manually) Debit Account Titles and Explanation Credit Debit Credit Date Dec. 31, 2017 Date Account Titles and Explanation Jan 1, 2018 Debit (c) Prepare the journal entry on January 1, 2018, to record interest paid. (Credit account titles are automatically indented when amount is Account Titles and Explanation Credit Debit Credit Ayayai Corp. issued 3,200 5%, 5-year, $1,000 bonds dated January 1, 2017, at face value. Interest is paid each January 1. (a) Prepare the journal entry to record the sale of these bonds on January 1, 2017. (Credit account titles are automatically indented wher Date Jan. 1, 2017 Date Account Titles and Explanation Dec. 31, 2017 (b) Prepare the adjusting journal entry on December 31, 2017, to record interest expense. (Credit account titles are automatically indented manually) Debit Account Titles and Explanation Credit Debit Credit Date Dec. 31, 2017 Date Account Titles and Explanation Jan 1, 2018 Debit (c) Prepare the journal entry on January 1, 2018, to record interest paid. (Credit account titles are automatically indented when amount is Account Titles and Explanation Credit Debit Credit

Answer rating: 100% (QA)

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