Question
Please help!! On July 1, a company issues an $688,000, 8%, five-year bond that pays semiannual interest of $27,520 ($688,000 8% 1/2), receiving cash of
Please help!!
On July 1, a company issues an $688,000, 8%, five-year bond that pays semiannual interest of $27,520 ($688,000 8% 1/2), receiving cash of $646,720.
Required: | |
Journalize the entry to record the first interest payment and the amortization of the related bond discount using the straight-line method. Refer to the Chart of Accounts for exact wording of account titles. |
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General Ledger | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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On July 1, a company issues an $688,000, 8%, five-year bond that pays semiannual interest of $27,520 ($688,000 8% 1/2), receiving cash of $646,720.
Required: | |
Journalize the entry to record the first interest payment and the amortization of the related bond discount using the straight-line method. Refer to the Chart of Accounts for exact wording of account titles. |
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Chart Of Accounts
CHART OF ACCOUNTS | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
General Ledger | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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General Journal
Journalize the entry to record the first interest payment and the amortization of the related bond discount using the straight-line method on December 31. Refer to the Chart of Accounts for exact wording of account titles.
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JOURNAL
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