rtgages payable 6) Journalize transactions for long-term notes payable, bonds payable and mortgages payab Assume bonds payable are amortized using the straight line amortization method unless stated otherwise. 2. Interest Exp. $6,600 On June 30, Porter Company issues 11% five-vear honds pavable with a face value of $120.000 bonds are issued at face value and pay interest on June 30 and December 31 Requirements 1. Journalize the issuance of the bonds on June 30. 2. Journalize the semiannual interest payment on December 31. SOLUTION Credit Debit Requirement 1 Accounts and Explanation Date Credit Requirement 2 Debit Accounts and Explanation Date