issued $630,000, 9%, 5-year bonds at face value.
On May 1, 2020, Cullumber Corp. issued $630,000, 9%, 5-year
1.Prepare the
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Date
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Account Titles and Explanation
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Debit
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Credit
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May 1, 2020
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2.repare the
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Date
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Account Titles and Explanation
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Debit
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Credit
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Dec. 31, 2020
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3.Show the
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Cullumber Corp.
Balance Sheet (Partial) For the Month Ended December 31, 2020December 31, 2020For the Year Ended December 31, 2020
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$
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$
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4.Prepare the journal entry to record payment of interest on May 1, 2021. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 5,675.)
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Date
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Account Titles and Explanation
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Debit
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Credit
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May 1, 2021
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