Question
On January 1, Kirkland Company issued $ 300,000, 8%, 10-year bonds at face value. Interest is payable annually on January 1. Prepare journal entry to
On January 1, Kirkland Company issued $ 300,000, 8%, 10-year bonds at face value. Interest is payable annually on January 1.
Prepare 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 | |||
Prepare journal entry to record the accrual of interest on December 31. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
| Date | Account Titles and Explanation | Debit | Credit |
| Dec. 31 | |||
Prepare journal entry to record the payment of interest on January 1. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
| Date | Account Titles and Explanation | Debit | Credit |
| Jan. 1 | |||
|
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Management Accounting For Business
Authors: Colin Drury, Mike Tayles
8th Edition
1473778808, 978-1473778801
