On April 1, Virginia Company issued ($ 72,000,10 %, 10)-year bonds dated January 1 at face value

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On April 1, Virginia Company issued $\$ 72,000,10 \%, 10$-year bonds dated January 1 at face value plus accrued interest. Interest is payable semiannually on July 1 and January 1.

\section*{Instructions}

Present journal entries to record:

(a) The issuance of the bonds.

(b) The payment of interest on July 1. Interest is not accrued on June 30.

(c) The accrual of interest on December 31.

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Financial Accounting

ISBN: 9780471169208

2nd Edition

Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso

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Question Posted: Jun 14, 2024 01:10 AM

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On April 1, Virginia Company issued ($ 72,000,10 %, 10)-year bonds dated January 1 at face value

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Financial Accounting

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