Help me please asap.Don't use any AI.It's strictly prohibited. On January 1, 2020, Shamrock Corporation issued $590,000 of 9% bonds, due in 8 years. Thebonds were issued for $558,028, and pay interest each July 1 and January 1. Shamrock uses theeffective-interest method.Prepare the company's journal entries for (a) the January 1 issuance, (b) the July 1 interestpayment, and (c) the December 31 adjusting entry. Assume an effective-interest rate of 10%.(Round intermediate calculations to 6 decimal places, e.g. 1.251247 and final answer to O decimal places,e.g. 38,548. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.Credit account titles are automatically indented when amount is entered. Do not indent manually.)No. Date Account Titles and Explanation(a)(b)ACashDebitSUPPORT

Bonds payable is a type of instrument where by an amount is borrowed for a fixed period with fixed…

On January 1, 2020, Shamrock Corporation issued $590,000 of 9% bonds, due in 8 years. The bonds were issued for $558,028, and pay interest each July 1 and January 1. Shamrock uses the effective-interest method.

On January 1, 2020, Shamrock Corporation issued $590,000 of 9% bonds, due in 8 years. The bonds were issued for $558,028, and pay interest each July 1 and January 1. Shamrock uses the effective-interest method.

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

Help me please asap.

Don't use any AI.

It's strictly prohibited.

On January 1, 2020, Shamrock Corporation issued $590,000 of 9% bonds, due in 8 years. The
bonds were issued for $558,028, and pay interest each July 1 and January 1. Shamrock uses the
effective-interest method.
Prepare the company's journal entries for (a) the January 1 issuance, (b) the July 1 interest
payment, and (c) the December 31 adjusting entry. Assume an effective-interest rate of 10%.
(Round intermediate calculations to 6 decimal places, e.g. 1.251247 and final answer to O decimal places,
e.g. 38,548. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.
Credit account titles are automatically indented when amount is entered. Do not indent manually.)
No. Date Account Titles and Explanation
(a)
(b)
A
Cash
Debit
SUPPORT

Definition Definition Structural system an enterprise uses to collect, store, report, retrieve, and process financial data. Accounting information systems are used by business analysts, auditors, accountants, and consultants for accurate and efficient access to financial data.

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