Question: Please send help, I'm so lost!! So I'm doing adjusting entries for the Rockford Practice Set 16th Edition and I'm stuck on one of the
Please send help, I'm so lost!!
So I'm doing adjusting entries for the Rockford Practice Set 16th Edition and I'm stuck on one of the entries.
"Interest has accrued at 8% on the long-term notes payable since July 1, 2018. The next six-month interest payment at 9% on the bonds is due on March 1, 2019. The discount on bonds payable has not been amortized for any part of 2018; the bonds are dated March 1, 2012 and mature March 1, 2022."
Balance for the Notes Payable (LT Liability): 1/1 Cr 43000 ... 7/1 CR 70,000, giving a new balance of 113,000
Balance for Discount on Bonds Payable: 1/1 6400
Balance for Bonds Payable: 1/1 Issued March 1, 2012... 275,000
I have no idea what to do for the math portion or even for the entry titles
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