ment CALCULATOR FULL SCREENPRINTER VERSION Exercise 10-13 Carla Vista Co. issued

Question

ment CALCULATOR FULL SCREENPRINTER VERSION Exercise 10-13 Carla Vista Co. issued $480,000 of 9%, 15-year bonds on January 1, 2017, at face value. Interest is payable annually on January 1 Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is enter indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1, 2017 Prepare the journal entry to record the accrual of interest on December 31, 2017. (Credit account titles are automatically indented when entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation Dec. 31, 2017 Prepare the journal entry to record the payment of interest on January 1, 2018. (Credit account titles are automatically indented when a entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation

Explanation / Answer

In the books of Carla Vista Co. :

Date Account Titles Debit Credit $ $ January 1, 2017 Cash 480,000 Bonds Payable 480,000 December 31, 2017 Interest Expense 43,200 Interest Payable 43,200 January 1, 2018 Interest Payable 43,200 Cash 43,200 January 1, 2032 Bonds Payable 480,000 Cash 480,000

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