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The Square Foot Grill, Incorporated issued $210,000 of 10-year, 7 percent bonds on July 1, Year 1, at 102. Interest is payable in cash
The Square Foot Grill, Incorporated issued $210,000 of 10-year, 7 percent bonds on July 1, Year 1, at 102. Interest is payable in cash semiannually on June 30 and December 31. The straight-line method is used for amortization Required a. Prepare the journal entries to record issuing the bonds and any necessary journal entries for Year 1 and Year 2. Post the journal entries to T-accounts. Prepare any necessary closing entries for Year 1. Complete this question by entering your answers in the tabs below. Req AZ Prepare the journal entries to record issuing the bonds and any necessary journal entries for Year 1 and Year 2. Prepare any necessary closing entries for Year 1. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 45 6 Record the issue of bonds payable with premium. Note: Enter debits before credits General Journal Debit Credit Date July 1, Year 1 Cash Bonds payable Premium on bonds payable
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