Burris Corporation is authorized to issue $800,000 of 9% bonds. Interest on the bonds is payable semiannually; the bonds are dated January 1, Year 1, and are due December 31, Year 5. Required: Prepare the journal entries to record the following: a. b. C. April 1, Year 1 June 30, Year 1 December 31, Year 1 Sold the bonds at par plus accrued interest First interest payment Second interest payment

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Burris Corporation is authorized to issue $800,000 of 9% bonds. Interest on the bonds is payable semiannually; the bonds are dated January 1, Year 1, and are due December 31, Year 5.
Required:
Prepare the journal entries to record the following
a.
b.
C.
April 1, Year 1
June 30, Year 1
December 31, Year 1
Sold the bonds at par plus accrued interest
First interest payment
Second interest payment
Transcribed Image Text:Instructions Burris Corporation is authorized to issue $800,000 of 9% bonds. Interest on the bonds is payable semiannually; the bonds are dated January 1, Year 1, and are due December 31, Year 5. Required: Prepare the journal entries to record the following a. b. C. April 1, Year 1 June 30, Year 1 December 31, Year 1 Sold the bonds at par plus accrued interest First interest payment Second interest payment
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