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The board of directors of the Lawrence Corporation authorized the issuance of $600,000 face value of 10-year, 9 percent bonds dated May 1, 2019, and

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The board of directors of the Lawrence Corporation authorized the issuance of $600,000 face value of 10-year, 9 percent bonds dated May 1, 2019, and maturing on May 1,2029. Interest is payable semiannually on May 1 and November 1 2019 May 1 Issued $60,000 of bonda at face value. Nov. 1 Paid the semiannual interest on the bonds issued. Dec. 31 Recorded the adjusting entry for the accrued bond interest. 31 Closed the Bond Interest Expense account into the Income Summary account. 2020 Jan. 1 Reversed the adjusting entry for accrued bond interest. Hay 1 Paid the semiannual interest on the bonds issued. 1 Issued $50,000 of bonds at face value. Nov. 1 Paid the semiannual interest on the bonds issued Dec. 31 Recorded the adjusting entry for the accrued bond interest. 31 Closed the Bond Interest Expense account into the Income Summary account. Record the above transactions in a general journal. View transaction list Journal entry worksheet 6 8 9 10 KPrev 2 of 10I Next>

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