Prepare Pearl's journal entries for (a) the January issuance, (b) the July 1 interest payment, and (c) the December 31 adjusting entry. (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 the amount is entered. Do not indent manually. List all debit entries before credit entries.) No. (a) (b) (c) Date Account Titles and Explanation Debit Cred

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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**Bond Issuance and Journal Entry Preparation**

The Pearl Company issued $240,000 of 10% bonds on January 1, 2025. The bonds are due January 1, 2030, with interest payable each July 1 and January 1. The bonds are issued at face value.

**Journal Entry Instructions:**

Prepare Pearl’s journal entries for:

- **(a)** The January issuance.
- **(b)** The July 1 interest payment.
- **(c)** The December 31 adjusting entry.

**Note:** If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.

| No. | Date | Account Titles and Explanation | Debit | Credit |
|-----|------|--------------------------------|-------|--------|
| (a) |      |                                |       |        |
| (b) |      |                                |       |        |
| (c) |      |                                |       |        |
Transcribed Image Text:**Bond Issuance and Journal Entry Preparation** The Pearl Company issued $240,000 of 10% bonds on January 1, 2025. The bonds are due January 1, 2030, with interest payable each July 1 and January 1. The bonds are issued at face value. **Journal Entry Instructions:** Prepare Pearl’s journal entries for: - **(a)** The January issuance. - **(b)** The July 1 interest payment. - **(c)** The December 31 adjusting entry. **Note:** If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. | No. | Date | Account Titles and Explanation | Debit | Credit | |-----|------|--------------------------------|-------|--------| | (a) | | | | | | (b) | | | | | | (c) | | | | |
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