(c) Prepare the entry to record the accrual of interest on December 31, 2021, assuming no previous accrual of interest on the remaining bonds. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Dec. 31, 2021 eTextbook and Media Debit Credit
(c) Prepare the entry to record the accrual of interest on December 31, 2021, assuming no previous accrual of interest on the remaining bonds. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Dec. 31, 2021 eTextbook and Media Debit Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:The following section is taken from Gordon Corp. 's balance sheet at December 31, 2020.
Current liabilities
Interest payable
Long-term liabilities
Bonds payable, 6%, due January 1, 2022
$240,000
4,000,000
Interest is payable annually on January 1. The bonds are callable on any interest date.
Transcribed Image Text:(c)
Prepare the entry to record the accrual of interest on December 31, 2021, assuming no previous accrual of interest on the
remaining bonds. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If
no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Date
Dec. 31,
2021
Account Titles and Explanation
eTextbook and Media
List of Accounts
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