Question: Current Attempt in Progress Cullumber Equipment Ltd. issued 12% five-year bonds with a face value of $82.590,000 on October 1, 2024. The bonds were


Current Attempt in Progress Cullumber Equipment Ltd. issued 12% five-year bonds with a face value of $82.590,000 on October 1, 2024. The bonds were issued at par and pay interest on March 31 and September 30 each year. Cullumber's year end is December 31. (a) Your Answer Correct Answer (Used) Prepare the journal entry for the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry) SUPPORT Prepare the journal entry for the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry) Account Titles and Explanation Cash Notes Payable Question Part Score Debit Credit 82.590.000 82.590.000 16/2 Prepare the journal entry required at December 31, 2024, and the entries for the interest payments on March 31 and September 30, 2025. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries. Record journal entries in the order presented in the problem) Account Titles and Explanation Debit Date September 30, 2025 Interest Expense Interest Payable March 31, 2025 Interest Expense Interest Payable Cash Soda 30 2025 Interest Expense SUPPORT
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
