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On October 1, 2024, Novak Corp. issued $840,000, 8%, 10-year bonds at face value. The bonds were dated October 1, 2024, and pay interest
On October 1, 2024, Novak Corp. issued $840,000, 8%, 10-year bonds at face value. The bonds were dated October 1, 2024, and pay interest annually on October 1. Financial statements are prepared annually on December 31. Prepare the journal entry to record the issuance of the bonds. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit Oct. 1, 2024 eTextbook and Media List of Accounts
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