Rothchild Company issued $336,000 par value, 5-year, 3% bonds on June 1, 2022. The bonds are dated January 1, 2022, and pay interest semiannually each June 30 and December 31. The bonds are sold at par plus accrued interest because they are sold between interest dates. The company's fiscal year ends on December 31. Prepare the journal entries required to issue the bonds on June 1, 2022, and record the first interest payment on June 30, 2022 (Record debits first, then credits. Exclude explanations from any journal entries) First, prepare the journal entry required to issue the bonds on June 1, 2022 Account Now record the first interest payment on June 30, 2022. Account June 1, 2022 June 30, 2022
Rothchild Company issued $336,000 par value, 5-year, 3% bonds on June 1, 2022. The bonds are dated January 1, 2022, and pay interest semiannually each June 30 and December 31. The bonds are sold at par plus accrued interest because they are sold between interest dates. The company's fiscal year ends on December 31. Prepare the journal entries required to issue the bonds on June 1, 2022, and record the first interest payment on June 30, 2022 (Record debits first, then credits. Exclude explanations from any journal entries) First, prepare the journal entry required to issue the bonds on June 1, 2022 Account Now record the first interest payment on June 30, 2022. Account June 1, 2022 June 30, 2022
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Kk.202.
Transcribed Image Text:Bonds Payable
Cash
Interest Expense
Interest Payable
Interest Receivable
Transcribed Image Text:Rothchild Company issued $336,000 par value, 5-year, 3% bonds on June 1, 2022. The bonds are dated January 1, 2022, and pay
interest semiannually each June 30 and December 31. The bonds are sold at par plus accrued interest because they are sold between
interest dates. The company's fiscal year ends on December 31. Prepare the journal entries required to issue the bonds on June 1,
2022, and record the first interest payment on June 30, 2022. (Record debits first, then credits. Exclude explanations from any
journal entries.)
First, prepare the journal entry required to issue the bonds on June 1, 2022.
June 1, 2022
Account
Now record the first interest payment on June 30, 2022.
Account
June 30, 2022
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