On February 1 , 2 0 2 1 , Strauss - Lombardi issued 9 % bonds,
Question:
On February StraussLombardi issued bonds, dated February with a face amount of $ The bonds sold for $ and mature on January years The market yield for bonds of similar risk and maturity was Interest is paid semiannually on July and January StraussLombardis fiscal year ends December
Required:
Prepare the journal entries to record their issuance by StraussLombardi on February interest on July at the effective rate adjusting entry to accrue interest on December and interest on January Do not round your intermediate calculations and round your final answers to nearest whole dollar. If no entry is required for a transactionevent select No journal entry required" in the first account field.tableNoDate,General Journal,Debit,CreditFebruary Cash,,Discount on bonds payable,,Bonds payable,,July Interest expense,,Discount on bonds payable,,Cash,,December Interest expense,,Discount on bonds payable,,Interest payable,,January Interest expense,,Interest payable,,Discount on bonds payable,,
Intermediate Accounting
ISBN: 9781259722660
9th Edition
Authors: J. David Spiceland, James Sepe, Mark Nelson, Wayne Thomas