On August 1, 2017, Gonzaga Corporation issued ($ 600,000,7 %, 10)-year bonds at face value. Interest is
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On August 1, 2017, Gonzaga Corporation issued \(\$ 600,000,7 \%, 10\)-year bonds at face value. Interest is payable annually on August 1. Gonzaga's year-end is December 31.
\section*{Instructions}
Prepare journal entries to record the following events.
(a) The issuance of the bonds.
(b) The accrual of interest on December 31, 2017.
(c) The payment of interest on August 1, 2018.
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Related Book For 
Financial Accounting Tools For Business Decision Making
ISBN: 9781119316022
8th Edition
Authors: Donald E. Kieso, Paul D. Kimmel, Jerry J. Weygandt
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