On April 1, 2020, Quicke Mart issued $1,000,000, 9% bonds at par plus accrued interest dated January 1, 2020. Interest is payable semi-annually on January 1 and July 1. The bonds mature on January 1, 2027. Required: Prepare journal entries to record the following transactions related to long-term bonds of Quicke Mart: 1. The issuance of the bonds. 2. The first interest payments.
On April 1, 2020, Quicke Mart issued $1,000,000, 9% bonds at par plus accrued interest dated January 1, 2020. Interest is payable semi-annually on January 1 and July 1. The bonds mature on January 1, 2027. Required: Prepare journal entries to record the following transactions related to long-term bonds of Quicke Mart: 1. The issuance of the bonds. 2. The first interest payments.
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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On April 1, 2020, Quicke Mart issued $1,000,000, 9% bonds at par plus accrued interest dated January 1, 2020. Interest is payable semi-annually on January 1 and July 1. The bonds mature on January 1, 2027.
Required:
Prepare
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