Franklin Company issued $90,000 of 10-year, 8% bonds payable on Jan wy 12018. F

Question

Franklin Company issued $90,000 of 10-year, 8% bonds payable on Jan wy 12018. F ssue its bonds payable under various conditions kin Company prys interm, each Jan ary 1 and My 1 dam tzes doort o pnium byte th the artno metod the open Read the requirements. ont assuming ?? bonds were ss ed at face val. E plaat ons are not reont Recod-tu te oeda Eadde Requirement 1.Joumalizo Frankin Company's issuance of the bonds and first semannaai i terest pay from any journal entries) Joumalize the issuance of the bond payable at face value Debit Credt Date 2018 Jan

Explanation / Answer

Solution:

Journal Entries - Franklin Company Date Particulars Debit Credit 1-Jan-18 Cash Dr $90,000.00              To Bond Payable $90,000.00 1-Jul-18 Interest expense Dr $3,600.00              To Cash $3,600.00

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