The board of directors of Canterbury Plus authorizes the issue of $9,000,000 of 9%, 5-year bonds payable. The semiannual interest dates are May 31 and November 30. The bonds are issued on May 31, 2019, at face value. Requirements 1. Journalize the following transactions: a. Issuance of half of the bonds on May 31, 2019 b. Payment of interest on November 30, 2019 c. Accrual of interest on December 31, 2019 d. Payment of interest on May 31, 2020 2. Report interest payable and bonds payable as they would appear on the Canterbury Plus balance sheet at December 31, 2019. Requirement 1. Journalize the transactions a through d. (Record debits first, then credits. Exclude explanations from journal entries.) a. Issuance of half of the bonds on May 31, 2019 Journal Entry Date 2019 3 May 31 b. Payment of interest on November 30, 2019 Date 2019 Nov. Accounts 30 Journal Entry Accounts Debit Debit Credit Credit

The board of directors of Canterbury Plus authorizes the issue of $9,000,000 of 9%, 5-year bonds payable. The semiannual interest dates are May 31 and November 30. The bonds are issued on May 31, 2019, at face value. Requirements 1. Journalize the following transactions: a. Issuance of half of the bonds on May 31, 2019 b. Payment of interest on November 30, 2019 c. Accrual of interest on December 31, 2019 d. Payment of interest on May 31, 2020 2. Report interest payable and bonds payable as they would appear on the Canterbury Plus balance sheet at December 31, 2019. Requirement 1. Journalize the transactions a through d. (Record debits first, then credits. Exclude explanations from journal entries.) a. Issuance of half of the bonds on May 31, 2019 Journal Entry Date 2019 3 May 31 b. Payment of interest on November 30, 2019 Date 2019 Nov. Accounts 30 Journal Entry Accounts Debit Debit Credit Credit

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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Subject: acounting
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