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Entries for Issuing Bonds

Grodski Co. produces and distributes semiconductors for use by computer manufacturers. Grodski Co. issued $390,000 of 15-year, 12% bonds on May 1 of the current year, with interest payable on May 1 and November 1. The fiscal year of the company is the calendar year.

May 1	Issued the bonds for cash at their face amount.
Nov. 1	Paid the interest on the bonds.
Dec. 31	Recorded accrued interest for two months.

Journalize the entries to record the above selected transactions for the current year.

May 1 Cash Bonds Payable Nov. 1 Interest Expense Cash Dec. 31 interest Expense Interest Payable 390,000 23400 o 65000 390,000 23400 65000