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The board of directors of Canterbury Plus authorized the issue of $9,000,000 of 7%, 15-year bonds payable. The semiannual interest dates are May 31 and
The board of directors of Canterbury Plus authorized the issue of $9,000,000 of 7%, 15-year bonds payable. The semiannual interest dates are May 31 and November 30. The bonds are issued on May31, 2018, at par.
1.Journalize the followingtransactions:
a. Issuance of half of the bonds on May31, 2018
b. Payment of interest on November30, 2018
c. Accrual of interest on December31, 2018
d. Payment of interest on May31, 2019
2.Report interest payable and bonds payable as they would appear on thecompany's balance sheet at December31, 2018
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