The board of directors of Mailroom Plus authorized the issue of $8,000,000 of 6%, 10-year bonds payable.
Question:
The board of directors of Mailroom Plus authorized the issue of $8,000,000 of 6%, 10-year bonds payable. The semiannual interest dates are May 31 and November 30. The bonds are issued on May 31, 2018, at par.
Requirements
1. Journalize the following transactions:
a. Issuance of half of the bonds on May 31, 2018
b. Payment of interest on November 30, 2018
c. Accrual of interest on December 31, 2018
d. Payment of interest on May 31, 2019
2. Report interest payable and bonds payable as they would appear on the company’s balance sheet at December 31, 2018.
Balance SheetBalance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
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Related Book For 
Financial Accounting
ISBN: 978-0134725987
12th edition
Authors: C. William Thomas, Wendy M. Tietz, Walter T. Harrison Jr.
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