Requirements- Journalize the following transactions for Zillow. Include an explanation for each entry.A. Issuance of the bonds payable at par on July 1, 2018 B. Accrual of interest expense on December 31,2018 C. Payments of cash interest on January 1, 2019 D. Payments of the bonds payable at maturity (give the date)Record debuts first then credits. Select explanation on last line of journal entry table. See picture below. **Transcription for Educational Website:**Zillow Corp issued 10%, seven-year bonds payable with a face amount of $140,000 when the market interest rate was 10%. Zillow’s fiscal year ends on Dec 31. The bonds pay interest on January 1 and July 1.**a. ISSUANCE of the bonds payable at par on July 1, 2018****Journal Entry**| Date | Accounts + Explanation | Debit | Credit ||------------|-----------------------------------|---------|---------|| 2018 | | | || July 1 | | | |**Explanation:**The notebook contains handwritten details of a bond issuance scenario for Zillow Corp. It describes the issuance of bonds valued at $140,000 with an interest rate of 10% aligned with the market rate, over seven years, with interest payments occurring biannually. An empty journal entry template is provided for recording the transaction on July 1, 2018.

Answered: Requirements- Journalize the following…

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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Requirements- Journalize the following transactions for Zillow. Include an explanation for each entry. A. Issuance of the bonds payable at par on July 1, 2018 B. Accrual of interest expense on December 31,2018 C. Payments of cash interest on January 1, 2019 D. Payments of the bonds payable at maturity (give the date) Record debuts first then credits. Select explanation on last line of journal entry table. See picture below.