(L01) The Colson Company issued $300,000 of 10% bonds on January 1, 2017. The bonds are due...
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(L01) The Colson Company issued $300,000 of 10% bonds on January 1, 2017. The bonds are due January 1, 2022, with interest payable each July 1 and January 1. The bonds are issued at face value. Prepare Colson’s journal entries for
(a) the January issuance,
(b) the July 1 interest payment, and
(c) the December 31 adjusting entry.
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