Question
On April 1, 2016, Quicke Mart issued $1,000,000, 9% bonds at par plus accrued interest dated January 1, 2014. Interest is payable semi-annually on January
On April 1, 2016, Quicke Mart issued $1,000,000, 9% bonds at par plus accrued interest dated January 1, 2014. Interest is payable semi-annually on January 1 and July 1. The bonds mature on January 1, 2023.
Requirements
Prepare journal entries to record the following transactions related to long-term bonds of Quicke Mart:
1) The issuance of the bonds. 2) The first interest payments.
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Contemporary Auditing
Authors: Michael C Knapp
12th Edition
357515404, 978-0357515402
