Question
On January 1, 2017, Pigwell Company issued $300,000 of 5% bonds for $644,636. The bonds mature in 10 years. Interest is payable each July 1
On January 1, 2017, Pigwell Company issued $300,000 of 5% bonds for $644,636. The bonds mature in 10 years. Interest is payable each July 1 and January 1. The company uses the straight-line interest amortization method.
Instructions
Record the journal entry on January 1, 2017 and July 1, 2017.
Computations:
Journal Entry:
| Date | Account Title | Debit | Credit |
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Client Importance And Audit Quality In Highly Connected Jurisdictions
Authors: Kelly G. Yuen
1st Edition
3330350520, 978-3330350526
