ox_Sammy_ox
New member
On January 1, Flory Company issued $252,700, 9%, 5-year bonds at face value. Interest is payable semiannually on July 1 and January 1.
I need to prepare journal entries to record the following events with the account titles and the amounts in the debit and credit columns.
1. The issuance of the bonds.
2. The payment of interest on July 1, assuming no previous accrual of interest.
3. The accrual of interest on December 31.
I need to prepare journal entries to record the following events with the account titles and the amounts in the debit and credit columns.
1. The issuance of the bonds.
2. The payment of interest on July 1, assuming no previous accrual of interest.
3. The accrual of interest on December 31.