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Exercise 15-15 a-d (Part Level Submission) Pharoah Company issued $560,000, 9%, 20-year bonds on January 1, 2020, at 101. Interest is payable annually on January

Exercise 15-15 a-d (Part Level Submission)

Pharoah Company issued $560,000, 9%, 20-year bonds on January 1, 2020, at 101. Interest is payable annually on January 1. Pharoah uses straight-line amortization for bond premium or discount.

(a)

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Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date

Account Titles and Explanation

Debit

Credit

Jan. 1, 2020

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