Sanjer Limited issued $700,000 of 6 percent, 10-year bonds payable on October 1, 2020, at par value.
Question:
Sanjer Limited issued $700,000 of 6 percent, 10-year bonds payable on October 1, 2020, at par value. Sanjer’s accounting year ends on December 31. Journalize the following transactions. Include an explanation for each entry.
a. Issuance of the bonds on October 1, 2020.
b. Accrual of interest expense on December 31, 2020.
c. Payment of the first semi-annual interest amount on April 1, 2021.
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a Issuance of the bonds on October 1 2020 The company issued 700000 of bonds at par value meaning th...View the full answer
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