Martinez Ltd. issued a $1,060,000, 10-year bond at par on January 1, 2023. The bond paid 10% interest each January 1 and July 1. The company's year end was September 30. Prepare the journal entries to record the issue of the bond, the payment of interest on July 1, and the September 30 accrual entry. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date > Account Titles Debit Credit

Martinez Ltd. issued a $1,060,000, 10-year bond at par on January 1, 2023. The bond paid 10% interest each January 1 and July 1. The company's year end was September 30. Prepare the journal entries to record the issue of the bond, the payment of interest on July 1, and the September 30 accrual entry. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date > Account Titles Debit Credit

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter13: Long-term Liabilities

Section: Chapter Questions

Problem 6PA: Aggies Inc. issued bonds with a $500,000 face value, 10% interest rate, and a 4-year term on July 1,...

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