Knowledge Check 01 On January 1, Year 1, McClurg Corporation issues 5%, 11-year bonds with a face amount of $70,000 for $76,180 The market interest rate is 4% Interest is paid semiannually on June 30 and December 31 Complete the necessary journal entry for the issuance of the bonds by selecting the account names from the drop-down menus and entering the associated dollar amounts of no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction let Journal entry worksheet 1 Record the issuance of 5%, 11-year bonds with a face value of $70,000 for $76,190 Date General Journal Debit Credit

Knowledge Check 01 On January 1, Year 1, McClurg Corporation issues 5%, 11-year bonds with a face amount of $70,000 for $76,180 The market interest rate is 4% Interest is paid semiannually on June 30 and December 31 Complete the necessary journal entry for the issuance of the bonds by selecting the account names from the drop-down menus and entering the associated dollar amounts of no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction let Journal entry worksheet 1 Record the issuance of 5%, 11-year bonds with a face value of $70,000 for $76,190 Date General Journal Debit Credit

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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