Question: unshaded is wrong please provide the correct answers Presented below are two independent situations. 1. On January 1, 2020, Swifty Company issued $192,000 of 7%,

 unshaded is wrong please provide the correct answers Presented below are
two independent situations. 1. On January 1, 2020, Swifty Company issued $192,000
unshaded is wrong please provide the correct answers

Presented below are two independent situations. 1. On January 1, 2020, Swifty Company issued $192,000 of 7%, 10-year bonds at par. Interest is payable quarterly on April 1, July 1, October 1, and January 1. 2. On June 1, 2020, Nash Company issued $144,000 of 10%, 10-year bonds dated January 1 at par plus accrued interest. Interestis payable semiannually on July 1 and January 1. For each of these two independent situations, prepare journal entries to record the following. (If no entry is required, select "No Entry for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually) (a) The issuance of the bonds. (b) The payment of interest on July 1. (c) The accrual of interest on December 31. h e ar wileyplus.com calendar 23view name 3Dmontview star 3D2020. O 7/1/20 - terest Expense 3360 12/31/20 Interest Expense 3360 Interest Payable 3360 Nash Company 6/1/20 Cash 144000 Bond Issue Expense Bonds Payable 144000 7/1/20 Interest Expense 1200 Cash 12/31/20 Interest Expense Interest Payable 7200 O OO e NB * * 5/2/2020

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!