On January 1, 2023, Pharoah Corporation issued $782,000 of 7% bonds that are due in 11 years. The bonds were issued for $844,313 and pay interest each July 1 and January 1. The company uses the effective interest method. Assume an effective rate of 6%. (a) Prepare Pharoah Corporation's journal entry for the January 1 issuance. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry.) Account Titles and Explanation Debit Credit

On January 1, 2023, Pharoah Corporation issued $782,000 of 7% bonds that are due in 11 years. The bonds were issued for $844,313 and pay interest each July 1 and January 1. The company uses the effective interest method. Assume an effective rate of 6%. (a) Prepare Pharoah Corporation's journal entry for the January 1 issuance. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry.) Account Titles and Explanation Debit Credit

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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On January 1, 2023, Pharoah Corporation issued $782,000 of 7% bonds that are due in 11 years. The bonds were issued for $844,313
and pay interest each July 1 and January 1. The company uses the effective interest method. Assume an effective rate of 6%.
(a)
h
Prepare Pharoah Corporation's journal entry for the January 1 issuance. (Credit account titles are automatically indented when the
amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List
debit entry before credit entry.)
Account Titles and Explanation
eTextbook and Media
Debit
Credit

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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