Oriole Company issued $510,000, 7%, 10-year bonds on January 1, 2020, at 103. Interest is payable annually on December 31. Oriole uses the straight-line method of amortization and has a calendar year end. Prepare all journal entries made in 2020 related to the bond issue. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) 2020 Jan. 1 Dec. 31 Account Titles and Explanation Cash Discount on Bonds Payable Bonds Payable Interest Expense Discount on Bonds Payable Accounts Payable Debit Credit MODI
Oriole Company issued $510,000, 7%, 10-year bonds on January 1, 2020, at 103. Interest is payable annually on December 31. Oriole uses the straight-line method of amortization and has a calendar year end. Prepare all journal entries made in 2020 related to the bond issue. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) 2020 Jan. 1 Dec. 31 Account Titles and Explanation Cash Discount on Bonds Payable Bonds Payable Interest Expense Discount on Bonds Payable Accounts Payable Debit Credit MODI
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Oriole Company issued $510,000, 7%, 10-year bonds on January 1, 2020, at 103. Interest is payable annually on December 31. Oriole
uses the straight-line method of amortization and has a calendar year end.
Prepare all journal entries made in 2020 related to the bond issue. (Credit account titles are automatically indented when the amount is
entered. Do not indent manually.)
2020
Jan. 1
Dec. 31
Account Titles and Explanation
Cash
Discount on Bonds Payable
Bonds Payable
Interest Expense
Discount on Bonds Payable
Accounts Payable
Debit
Credit
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