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The board of directors of Media Plus authorized the issue of $8,000,000 of 9%, 10-year bonds payable. The sermiannual interest dates are May 31 and
The board of directors of Media Plus authorized the issue of $8,000,000 of 9%, 10-year bonds payable. The sermiannual interest dates are May 31 and November 30. The bonds are issued on May 31, 2018, at par. Read the requiremena Requirement 1. Journalize the transactions a through d. (Record debits first, then credit. Exclude explorations from journal entries.) a. Inocence of half of the bonds on May 31, 2018 Journal Entry Accounts Date 2018 Debit Credit May 31 b. Payment of interest on November 30, 2018 Journal Entry Accounts Debit Credit Date 2018 Nov 30 c. Accrual of interest on December 31, 2018 4 Journal Entry Accounts Date 2018 Debit Credit Dec 31 d. Payment of interest on May 31, 2019 Journal Entry Accounts Date 2019 Debit Credit May 31 Requirement 2. Report interest payable and bonds payable as they would appear on the company's balance sheet at December 31, 2018
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