Medow corporation issued 3000 7%, 5 year, P1,000 bonds on January 1 2022 at face value. Inter paid each January 01. A. Prepare journal entry to record sale of the bonds on January 01,2022 B. Prepare the adjusting entry on December 31, 2022 to record interest expenses.

Medow corporation issued 3000 7%, 5 year, P1,000 bonds on January 1 2022 at face value. Inter paid each January 01. A. Prepare journal entry to record sale of the bonds on January 01,2022 B. Prepare the adjusting entry on December 31, 2022 to record interest expenses.

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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Question

Q. 19
Medow corporation issued 3000 7%, 5 year, P1,000 bonds on January 1 2022 at face value. Interest is
paid each January 01.
A. Prepare journal entry to record sale of the bonds on January 01,2022
B. Prepare the adjusting entry on December 31, 2022 to record interest expenses.

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