Pinetop Corporation issued $153,000 of 12-year bonds at par. The bonds have a stated rate of 5% and pay interest annually. What is the journal entry to record the sale of the bonds? If an amount box does not require an entry, leave it blank.

Pinetop Corporation issued $153,000 of 12-year bonds at par. The bonds have a stated rate of 5% and pay interest annually. What is the journal entry to record the sale of the bonds? If an amount box does not require an entry, leave it blank.

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

Pinetop Corporation issued $153,000 of 12-year bonds at par. The bonds have a stated rate of 5% and pay interest annually.

What is the journal entry to record the sale of the bonds? If an amount box does not require an entry, leave it blank.

Pinetop Corporation issued $153,000 of 12-year bonds at par. The bonds have a stated rate of 5% and pay interest annually.
What is the journal entry to record the sale of the bonds? If an amount box does not require an entry, leave it blank.

Definition Definition Method of recording financial transactions in the book of original entry by debiting and crediting the accounts affected by a transaction using the golden rules of accrual accounting.

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