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Minnie Corporation issued 10 percent, 20-year bonds payable with a maturity value of $480,000 on January 31. The bonds were issued at par and pay
Minnie Corporation issued 10 percent, 20-year bonds payable with a maturity value of $480,000 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. Journal Entry Date Accounts Debit Credit Jan 31 ate Accounts Debit 31 Accounts payable Bonds payable Cash Discount on bonds payable Interest expense Interest payable Premium on bonds payable
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