Question
On January 1, 2021, Swifty Corp. issued five-year bonds with a face value of $300,000 and a coupon interest rate of 6%, with interest payable
On January 1, 2021, Swifty Corp. issued five-year bonds with a face value of $300,000 and a coupon interest rate of 6%, with interest payable semi-annually. Assume that the company has a December 31 year end and records adjusting entries annually.
Record the journal entries relating to the bonds on January 1, July 1, and December 31, assuming that when the bonds were sold. the market interest rate was 5%
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January 1 2021 Issuance of bonds Cash Dr 300000 Bonds Payable Cr 300000 July 1 2021 Pa...
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College Accounting Chapters 1-30
Authors: John Price, M. David Haddock, Michael Farina
15th edition
1259994975, 125999497X, 1259631117, 978-1259631115
