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Entries for Issuing Bonds Thomson Co. produces and distributes semiconductors for use by computer manufacturers. Thomson issued $660,000 of 10-year, 7% bonds on May 1

Entries for Issuing Bonds

Thomson Co. produces and distributes semiconductors for use by computer manufacturers. Thomson issued $660,000 of 10-year, 7% bonds on May 1 of the current year at face value, with interest payable on May 1 and November 1. The fiscal year of the company is the calendar year.

May 1 Issued the bonds for cash at their face amount.
Nov. 1 Paid the interest on the bonds.
Dec. 31 Recorded accrued interest for two months.

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