View Policies

Current Attempt in Progress

On January 1, 2020, Blossom Corporation issued $620,000 of 9% bonds, due in 8 years. The bonds were issued for $586,402, and pay interest each July 1 and January 1. Blossom uses the effective-interest method. Prepare the companys journal entries for (a) the January 1 issuance, (b) the July 1 interest payment, and (c) the December 31 adjusting entry. Assume an effective-interest rate of 10%. (Round intermediate calculations to 6 decimal places, e.g. 1.251247 and final answer to 0 decimal places, e.g. 38,548. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

No.	Date	Account Titles and Explanation	Debit	Credit
(a)	Jan. 1, 2020July 1, 2020Dec. 31, 2020
(b)	Jan. 1, 2020July 1, 2020Dec. 31, 2020
(c)	Jan. 1, 2020July 1, 2020Dec. 31, 2020

eTextbook and Media

List of Accounts