Devers plc issued 400,000 of 6% bonds on May 1, 2022. The bonds were dated January 1,
Question:
Devers plc issued £400,000 of 6% bonds on May 1, 2022. The bonds were dated January 1, 2022, and mature January 1, 2024, with interest payable July 1 and January 1. The bonds were issued at face value plus accrued interest. Prepare Devers’ journal entries for
(a) The May 1 issuance,
(b) The July 1 interest payment,
(c) The December 31 adjusting entry.
Step by Step Answer:
a The May 1 issuance Cash ac 400000 To 6 Bonds Payables ac ...View the full answer
Intermediate Accounting IFRS
ISBN: 9781119607519
4th Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
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A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
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