Blossom Company issues $ 1,000,000, 10-year, 10% bonds at 95, with interest payable each January 1. (a) Prepare the journal entry to record the sale of these bonds on January 1, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation Jan. 1 (b). Assuming instead that the above bonds sold for 108, prepare the journal entry to record the sale of these bonds on January 1, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1
Blossom Company issues $ 1,000,000, 10-year, 10% bonds at 95, with interest payable each January 1. (a) Prepare the journal entry to record the sale of these bonds on January 1, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation Jan. 1 (b). Assuming instead that the above bonds sold for 108, prepare the journal entry to record the sale of these bonds on January 1, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Please answer question completely part (a) and (b)
Transcribed Image Text:Blossom Company issues $ 1,000,000, 10-year, 10% bonds at 95, with interest payable each January 1.
(a)
Prepare the journal entry to record the sale of these bonds on January 1, 2022. (Credit account titles are automatically indented
when amount is entered. Do not indent manually.)
Debit
Credit
Date Account Titles and Explanation
Jan. 1
(b).
Assuming instead that the above bonds sold for 108, prepare the journal entry to record the sale of these bonds on January 1,
2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date Account Titles and Explanation
Debit
Credit
Jan. 1
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