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On January 1, the first day of the fiscal year, a company issues a $2,000,000, 5%, five-year bond that pays semiannual interest of $50,000 ($2,000,000
On January 1, the first day of the fiscal year, a company issues a $2,000,000, 5%, five-year bond that pays semiannual interest of $50,000 ($2,000,000 x 5% x ), receiving cash of $2,102,260.
Journalize the bond issuance. Refer to the Chart of Accounts for exact wording of account titles.
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Journalize the bond issuance. Refer to the Chart of Accounts for exact wording of account titles.
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JOURNAL
DATE | DESCRIPTION | POST. REF. | DEBIT | CREDIT | |
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1 |
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2 |
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3 |
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