Current Attempt in Progress On May 1, 2022, Pharoah Corp. issued $650,000, 6%, 5-year bonds at face value. The bonds were dated May 1, 2022, and pay interest annually on May 1. Financial statements are prepared annually on December 31. (a) Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation May 1, 2022 Debit Credit (b) Prepare the adjusting entry to record the accrual of interest on December 31, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Dec. 31, 2022 Debit Credit Show the balance sheet presentation on December 31, 2022. (Enter account name only and do not provide descriptive information.) Pharoah Corp. Balance Sheet (Partial) (d) Your answer is partially correct. Prepare the journal entry to record payment of interest on May 1, 2023. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit May 1, Interest Payable 2023 Interest Expense Cash (e) Prepare the adjusting entry to record the accrual of interest on December 31, 2023. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Dec. 31, 2023 eTextbook and Media List of Accounts Debit Credit