Knowledge Check 01 On January 1, Year 1, St. Clair Corporation issues 7%, 11-year bonds with a face amount of $90,000 for $83,497. The market interest rate is 8% Interest is paid semiannually on June 30 and December 31. Complete the necessary journal entry for the first semiannual interest payment by selecting the account names from the drop-down menus and entering the associated dollar amounts. (If no entry is required for a particular transaction/event, select "No Journal Entry Required in the first account field.) View transaction list Journal entry worksheet < Record the first semiannual interest payment for 7%, 11-year bonds with a face value of $90,000. hote: Enter debits before creditad
Knowledge Check 01 On January 1, Year 1, St. Clair Corporation issues 7%, 11-year bonds with a face amount of $90,000 for $83,497. The market interest rate is 8% Interest is paid semiannually on June 30 and December 31. Complete the necessary journal entry for the first semiannual interest payment by selecting the account names from the drop-down menus and entering the associated dollar amounts. (If no entry is required for a particular transaction/event, select "No Journal Entry Required in the first account field.) View transaction list Journal entry worksheet < Record the first semiannual interest payment for 7%, 11-year bonds with a face value of $90,000. hote: Enter debits before creditad
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Knowledge Check 01
On January 1, Year 1, St. Clair Corporation issues 7%, 11-year bonds with a face amount of $90,000 for $83,497 The market interest rate
is 8% Interest is paid semiannually on June 30 and December 31. Complete the necessary journal entry for the first semiannual
interest payment by selecting the account names from the drop-down menus and entering the associated dollar amounts. (If no entry
is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
View transaction list
Journal entry worksheet
<
Record the first semiannual interest payment for 7%, 11-year bonds with a
face value of $90,000.
hote. Enter debits before credit
Date
June 30
Record entry
General Journal
Clear entry
Debit
Credit
View general journal
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