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On January 1, 2020, Pharoah Company issued $305,500, 6%, 5-year bonds at face value. Interest is payable annually on January 1. Prepare the journal entry

On January 1, 2020, Pharoah Company issued $305,500, 6%, 5-year bonds at face value. Interest is payable annually on January 1.

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

SHOW LIST OF ACCOUNTS

LINK TO TEXT

Prepare the journal entry to record the accrual of interest on December 31, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date

Account Titles and Explanation

Debit

Credit

Dec. 31, 2020

SHOW LIST OF ACCOUNTS

LINK TO TEXT

Prepare the journal entry to record the payment of interest on January 1, 2021. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date

Account Titles and Explanation

Debit

Credit

Jan. 1, 2021

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