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Take me to the text On April 30, 2020, a company issued $570,000 worth of 8% bonds at par. The term of the bonds
Take me to the text On April 30, 2020, a company issued $570,000 worth of 8% bonds at par. The term of the bonds is 5 years, with interest payable semi-annually on October 31 and April 30. The year-end of the company is November 30. Record the journal entries related to interest for 2020 and 2021. Note that interest must be accrued at the end of each year. Do not enter dollar signs or commas in the input boxes. Round your answers to the nearest whole dollar. For transactions with more than one debit, enter the debit accounts in alphabetical order. Date Account Title and Explanation Debit Credit Oct 31, Interest Expense 22800 2020 Cash 22800 Payment of bond interest Nov 30, Interest Expense 2020 Interest Payable Accrued interest on bonds at year-end Apr 30, 2021 Interest Expense Interest Payable. Cash Payment of bond interest Oct 31, 2021 interest Expense Cash Payment of bond interest Nov 30, Interest Expense 2021 Interest Payable 0 0 0 Accrued interest on bonds at year-end 3800 19000 3800 22800 22800
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