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Daffy Corporation issued 7 percent, 20-year bonds payable with a maturity value of $330,000 on January 31. The bonds were issued at par and
Daffy Corporation issued 7 percent, 20-year bonds payable with a maturity value of $330,000 on January 31. The bonds were issued at par and pay interest on January 31 and July 31. Record (a) issuance of the bonds on January 31, (b) payment of interest on July 31, and (c) accrual of interest on December 31. (Record debits first, then credits. Exclude explanations from any journal entries) a. Record the issuance of the bonds on January 31 Jan Date 31 Journal Entry Accounts Debit Credit b. Record the payment of interest on July 1 Date Ju 31 Journal Entry Accounts Debit Credit c. Record the accrual of interest on December 31 Date Dec 31 Journal Entry Accounts Debit Credit
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