15 years, with merest On January 1,2018, Twister Enterpeses, vemannualy on June

Question

15 years, with merest On January 1,2018, Twister Enterpeses, vemannualy on June 30 and December 31 each year a manufacturer of a variety of wnsportable spm ndes, Ksues S550,000 or 7% bonds. due 5.00 points Required 1,"the market nterest 2018, and December 31, 2018 (If no entry is rate 7% te bonds wil issue at$550,000 Record the bond issue on January 1. 2018, and te first two sen anual merest payment, on Jure 30, required for a transactionlevent, select "No f journal entry required" in the first account felid. Journal entry worksheet Record the bond issue.

Explanation / Answer

Journal entry :

Date accounts & explanation debit credit Jan 1 Cash 550000     Bonds payable 550000 (To record issue bonds payable) June 30 Interest expense (550000*7%) 38500     Cash 38500 (To record interest paid) Dec 31 Interest expense 38500      Cash 38500 (To record interest paid)

Related Questions

Navigate

• Browse (All)
• Browse 1
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.