Question
On January1,2019, the date of bond authorization Paquette Inc. issued 3-year, 21-per cent bonds. Semi-annual interest is payable on June 30 and December 31. Paquette
On January1,2019, the date of bond authorization Paquette Inc. issued 3-year, 21-per cent bonds. Semi-annual interest is payable on June 30 and December 31. Paquette uses the straight-line method of amortization. The following journal entry records the first payment of interest.
2019
June30 Interest Expense 17,000
Cash 16,500
Discount on bonds 500
Required: Reconstruct the Journal entry made to record the issuance of bonds on January1, 2019
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The Safety Audit Designing Effective Strategies
Authors: Roger Saunders
1st Edition
0273034480, 978-0273034483
