can you check my answers specially the maturity date Rabbit issued a $140,000, 7

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can you check my answers specially the maturity date

Rabbit issued a $140,000, 7.0%, 10-year bond payable. Journalize the following transactions for Rabbit and include an explanation for each entry: a. Issuance of the bond payable at face value on January 1, 2016 b. Payment of semiannual cash interest on July 1, 2016 c. Payment of the bond payable at maturity. (Give the date.) (Record debits first, then credits. Select explanations on the last line of the journal entry. Round your answers to the nearest whole dollar.) a. Issuance of the bond payable at face value on January 1, 2016 Date Accounts and Explanation Debit Credit 2016 Cash 140,000 an Bonds Payable 140,000 Issued bonds payable b. Payment of semiannual cash interest on July 1, 2016. (Round your answer to the nearest whole dollar.) Date Accounts and Explanation Debit Credit 2016 nterest Payable 4,900 Jul. 1 Cash 4,900 Recorded interest paya ble

Explanation / Answer

Journal entry :

Date accounts & explanation debit credit 2016 jan 1 Cash a/c 140000 Bonds payable 140000 (TO record issuance of bonds payable) 2016 July 1 Interest expenses a/c (140000*7%*6/12) 4900 Cash a/c 4900 (To record interest paid) 2025 dec 31 Bonds payable a/c 140000 Cash a/c 140000 (To record bonds payable at maturity)

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