May 1. Entries for issuing bonds Thomson Co. produces and distributes semiconductors for use by computer manufacturers. Thomson issued $180,000 of 20-year, 8% bonds on May 1 of the current year at face value, with interest payable on May 1 and November 1. The fiscal year of the company is the calendar year. Issued the bonds for cash at their face amount. November 1. Paid the interest on the bonds. December 31. Recorded accrued interest for 2 months. Journalize the entries to record the above selected transactions for the current year. If an amount box does not require an entry, leave it blank. May 1 Cash Bonds Payable Nov. 1 Interest Expense Cash Dec. 31 Interest Expense Interest Payable 00 00 00 Feedback Check My Work Bonds payable is always recorded at face value. The semi-annual cash payment to bondholders is the interest expense when bonds are sold at face value. As with notes payable, interest must be accrued for the period between the last interest payment period to the end of the fiscal year.

May 1. Entries for issuing bonds Thomson Co. produces and distributes semiconductors for use by computer manufacturers. Thomson issued $180,000 of 20-year, 8% bonds on May 1 of the current year at face value, with interest payable on May 1 and November 1. The fiscal year of the company is the calendar year. Issued the bonds for cash at their face amount. November 1. Paid the interest on the bonds. December 31. Recorded accrued interest for 2 months. Journalize the entries to record the above selected transactions for the current year. If an amount box does not require an entry, leave it blank. May 1 Cash Bonds Payable Nov. 1 Interest Expense Cash Dec. 31 Interest Expense Interest Payable 00 00 00 Feedback Check My Work Bonds payable is always recorded at face value. The semi-annual cash payment to bondholders is the interest expense when bonds are sold at face value. As with notes payable, interest must be accrued for the period between the last interest payment period to the end of the fiscal year.

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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