Question
Goodwin, Inc issued $2,000,000 of 5%, 20-year bonds. The bonds were issued at par value on January 1. Interest is payable each June 30 and
Goodwin, Inc issued $2,000,000 of 5%, 20-year bonds. The bonds were issued at par value on January 1. Interest is payable each June 30 and December 31.
(a) Prepare the general journal entry to record the issuance of the bonds on January 1.
Date Account Name Debit Credit
(b) Prepare the general journal entry to record the first interest payment on June 30.
Date Account Name Debit Credit
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Financial Accounting An Introduction To Concepts Methods And Uses
Authors: Clyde P. Stickney, Roman L. Weil
12th Edition
0324381980, 978-0324381986
