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Frankum Company has issued three different 1. 2. 3. On January 1, 2022, 1,000, 8 % , 5-year, $1,000 bonds dated January 1, 2022, were issued at face value. On July 1, $900,000, 9%, 5-year bonds dated July 1, 2022, were issued at 102. On September 1, $400,000, 7%, 5-year bonds dated September 1, 2022, were issued at 98. Prepare the journal entry to record each bond transaction at the date of issuance. (Credit account titles are automatically inder

Frankum Company has issued three different 1. 2. 3. On January 1, 2022, 1,000, 8 % , 5-year, $1,000 bonds dated January 1, 2022, were issued at face value. On July 1, $900,000, 9%, 5-year bonds dated July 1, 2022, were issued at 102. On September 1, $400,000, 7%, 5-year bonds dated September 1, 2022, were issued at 98. Prepare the journal entry to record each bond transaction at the date of issuance. (Credit account titles are automatically inder

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Frankum Company has issued three different bonds during 2022. Interest is payable annually on each of these bonds. 1. 2. 3. Prepare the journal entry to record each bond transaction at the date of issuance. (Credit account titles are automatically indent when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter C for the amounts.) No. 1. 2. On January 1, 2022, 1,000, 8%, 5-year, $1,000 bonds dated January 1, 2022, were issued at face value. On July 1, $900,000, 9%, 5-year bonds dated July 1, 2022, were issued at 102. On September 1, $400,000, 7%, 5-year bonds dated September 1, 2022, were issued at 98. 3. Date Account Titles and Explanation Debit Credit
Transcribed Image Text:Frankum Company has issued three different bonds during 2022. Interest is payable annually on each of these bonds. 1. 2. 3. Prepare the journal entry to record each bond transaction at the date of issuance. (Credit account titles are automatically indent when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter C for the amounts.) No. 1. 2. On January 1, 2022, 1,000, 8%, 5-year, $1,000 bonds dated January 1, 2022, were issued at face value. On July 1, $900,000, 9%, 5-year bonds dated July 1, 2022, were issued at 102. On September 1, $400,000, 7%, 5-year bonds dated September 1, 2022, were issued at 98. 3. Date Account Titles and Explanation Debit Credit
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