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Cullumber Company issued $312.000 of 9%, 10-year bonds on January 1, 2021, at face value. Interest is payable annually on January 1, 2022 (a) Your

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Cullumber Company issued $312.000 of 9%, 10-year bonds on January 1, 2021, at face value. Interest is payable annually on January 1, 2022 (a) Your Answer Correct Answer Your answer is correct. Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts) Account Titles and Explanation Debit Credit Date Jan. 1 2021 312000 3:2000 Bonds Payable (To record issuance of bonds) Prepare the journal entry to record the accrual of interest on December 31, 2021. (Credit account titles are automatically Indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts) Debit Credit Date Dec. 31 2021 Account Tities and Explanation Interest Expense 28.080 Interest Payable 28.080 (To accrue interest expense.) Prepare the journal entry to record the payment of interest on January 1, 2022. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter Ofor the amounts) Account Titles and Explanation Debit Credit Date Jan. 1, 2022 Interest Payable 28080 Cash 28080 (To record interest payment Assuming Cullumber has a September 30 year end, prepare the adjusting journal entry needed on September 30, 2021, and prepare the journal entry to record the interest payment on January 1, 2022, assuming reversing entries have not been used. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit Date Sept. 30, 2021 (To accrue interest expense.) Jan. 1, 2022 (To record interest payment.)

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