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On January $1,$ Pharoah Company issued $$318,000,7\%,10-$year bonds at face value. Interest is payable annually on January $1.$

$($a$)$

Your answer is correct.

Prepare the journal entry to record the issuance of the bonds. $($List all debit entries before credit entries. 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 $0$ for the amounts.$)$

Attempts: unlimited

$($b$)$

Your answer is partially correct.

Prepare the journal entry to record the accrual of interest on December $31.($List all debit entries before credit entries. 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.$)$

Date

Account Titles and Explanation

Debit

Credit

Interest Expense

Income Taxes Payable

eTextbook and Media

List of Accounts $($c$)$

Your answer is partially correct.

Prepare the journal entry to record the payment of interest on January $1.($List all debit entries before credit entries. 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 $0$ for the amounts.$)$

Date

Account Titles and Explanation

Debit

Credit

eTextbook and Media

List of Accounts

Attempts: unlimited