I could use some help with filling this out **Bond Issuance and Interest Accrual Recording**---On August 1, 2022, Kingbird, Inc. issued $675,000, 8%, 10-year bonds at face value. Interest is payable annually on August 1. Kingbird’s year-end is December 31.**(a)**Prepare the journal entry to record the issuance of the bonds. *(Credit account titles are automatically indented when amount is entered. Do not indent manually.)*| Date | Account Titles and Explanation | Debit | Credit ||--------|--------------------------------|-------|--------|| Aug. 1 | | | || | | | |**(b)**Prepare the journal entry to record the accrual of interest on December 31, 2022. *(Credit account titles are automatically indented when amount is entered. Do not indent manually.)*| Date | Account Titles and Explanation | Debit | Credit ||--------|--------------------------------|-------|--------|| Dec. 31| | | || | | | | ### Journal Entry Exercise#### (c) Interest Payment Recording TaskPrepare the journal entry to record the payment of interest on August 1, 2023. (Note: Credit account titles are automatically indented when the amount is entered. Do not indent manually.)| Date | Account Titles and Explanation | Debit | Credit ||----------|--------------------------------|-------|--------|| Aug. 1 | | | || | | | || | | | |This exercise requires entering the appropriate account titles and amounts to complete the journal entry for the interest payment.

Definition: Bonds are a kind of interest bearing notes payable, usually issued by companies, universities and governmental organizations. It is a debt instrument used for the purpose of raising fund of the corporations or governmental agencies. If selling price of the bond is equal to its face value, it is called as par on bond. If selling price of the bond is lesser than the face value, it is known as discount on bond. If selling price of the bond is greater than the face value, it is known as premium on bond.a. b.c.

Answered: On August 1, 2022, Kingbird, Inc.…

Business

Accounting

On August 1, 2022, Kingbird, Inc. issued $675,000, 8%, 10-year bonds at face value. Interest is payable annually on August 1. Kingbird's year-end is December 31.

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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