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Presented below are two independent situations. C 1. 2. a. For each of these two independent situations, prepare journal entries to record the following. (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.) b. On January 1, 2025, Skysong Company issued $300,000 of 8%, 10-year bonds at par. Interest is payable quarterly on April 1, July 1, October 1, and January 1. C. On June 1, 2025, Concord Company issued $252,000 of 10%, 10-year bonds dated January 1 at par plus accrued interest. Interest is payable semiannually on July 1 and January 1. The issuance of the bonds. The payment of interest on July 1. The accrual of interest on December 31. Date 1. 1/1/25 7/1/25 12/31/25 V Account Titles and Explanation Skysong Company: Cash Bonds Payable Interest Expense Cash Interest Expense Interest Payable Debit 303000 11700 11700 Credit UNUDUL 3000 300 12000

Presented below are two independent situations. C 1. 2. a. For each of these two independent situations, prepare journal entries to record the following. (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.) b. On January 1, 2025, Skysong Company issued $300,000 of 8%, 10-year bonds at par. Interest is payable quarterly on April 1, July 1, October 1, and January 1. C. On June 1, 2025, Concord Company issued $252,000 of 10%, 10-year bonds dated January 1 at par plus accrued interest. Interest is payable semiannually on July 1 and January 1. The issuance of the bonds. The payment of interest on July 1. The accrual of interest on December 31. Date 1. 1/1/25 7/1/25 12/31/25 V Account Titles and Explanation Skysong Company: Cash Bonds Payable Interest Expense Cash Interest Expense Interest Payable Debit 303000 11700 11700 Credit UNUDUL 3000 300 12000

FINANCIAL ACCOUNTING
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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Presented below are two independent situations. 1. 2. a. For each of these two independent situations, prepare journal entries to record the following. (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.) b. On January 1, 2025, Skysong Company issued $300,000 of 8%, 10-year bonds at par. Interest is payable quarterly on April 1, July 1, October 1, and January 1. C. On June 1, 2025, Concord Company issued $252,000 of 10%, 10-year bonds dated January 1 at par plus accrued interest. Interest is payable semiannually on July 1 and January 1. The issuance of the bonds. The payment of interest on July 1. The accrual of interest on December 31. Date 1. 1/1/25 7/1/25 12/31/25 Account Titles and Explanation Skysong Company: Cash Bonds Payable Interest Expense Cash Interest Expense Interest Payable Debit 303000 11700 11700 Credit 3000 300 12000
Transcribed Image Text:Presented below are two independent situations. 1. 2. a. For each of these two independent situations, prepare journal entries to record the following. (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.) b. On January 1, 2025, Skysong Company issued $300,000 of 8%, 10-year bonds at par. Interest is payable quarterly on April 1, July 1, October 1, and January 1. C. On June 1, 2025, Concord Company issued $252,000 of 10%, 10-year bonds dated January 1 at par plus accrued interest. Interest is payable semiannually on July 1 and January 1. The issuance of the bonds. The payment of interest on July 1. The accrual of interest on December 31. Date 1. 1/1/25 7/1/25 12/31/25 Account Titles and Explanation Skysong Company: Cash Bonds Payable Interest Expense Cash Interest Expense Interest Payable Debit 303000 11700 11700 Credit 3000 300 12000
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