**Instructions**On January 1, the first day of the fiscal year, a company issues a $2,050,000, 9%, five-year bond that pays semiannual interest of $92,250 ($2,050,000 × 9% × ½), receiving cash of $2,006,440.Journalize the bond issuance. Refer to the Chart of Accounts for exact wording of account titles.---**Journal**| DATE | DESCRIPTION | POST. REF. | DEBIT | CREDIT ||------|-------------|------------|-------|--------|| | | | | || | | | | || | | | | |---**Diagram/Graph Explanation**The provided diagram is a section of a journal where accounting entries are recorded. It consists of several columns:1. **DATE:** This column is used to record the date of the transaction.2. **DESCRIPTION:** This column details the nature of the transaction.3. **POST. REF.:** This column is used for posting reference, indicating where the amounts should be posted in the ledger.4. **DEBIT:** This column records the debit amounts.5. **CREDIT:** This column records the credit amounts.Each row in the journal corresponds to a single transaction, detailing the specific accounts affected, and the amounts debited or credited to those accounts. In this instance, the table is currently empty, awaiting the details of the journal entry required for the issuance of the bond as per the instructions given above.

The journal entries are prepared to keep the record of day to day transactions of the business on…

Instructions On January 1, the first day of the fiscal year, a company issues a $2,050,000, 9% , five-year bond that pays semiannual interest of $92,250 ($2,050,000x9% *%), receiving cash of $2,006,440. Journalize the bond issuance. Refer to the Chart of Accounts for exact wording of account titles Journal DATE DESCRIPTION JOURNAL X POST REF DEBI

Instructions On January 1, the first day of the fiscal year, a company issues a $2,050,000, 9% , five-year bond that pays semiannual interest of $92,250 ($2,050,000x9% *%), receiving cash of $2,006,440. Journalize the bond issuance. Refer to the Chart of Accounts for exact wording of account titles Journal DATE DESCRIPTION JOURNAL X POST REF DEBI

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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