The Bridgeport Company issued $230,000 of 13% bonds on January 1, 2020. The bonds are due January 1, 2025, with interest payable each July 1 and January 1. The bonds were issued at 97. Prepare the journal entries for (a) January 1, (b) July 1, and (c) December 31. Assume The Bridgeport Company records straight-line amortization semiannually. (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 amount is entered. Do not Indent manually.) Date Jan. 1, 2020 July 1, 2020 Dec. 31, 2020 Account Titles and Explanation Cash Bonds Payable Premium on Bonds Payable Interest Expense Premium on Bonds Payable Cash Interest Expense Premium on Bonds Payable Cash Debit Credit 230,000

The Bridgeport Company issued $230,000 of 13% bonds on January 1, 2020. The bonds are due January 1, 2025, with interest payable each July 1 and January 1. The bonds were issued at 97. Prepare the journal entries for (a) January 1, (b) July 1, and (c) December 31. Assume The Bridgeport Company records straight-line amortization semiannually. (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 amount is entered. Do not Indent manually.) Date Jan. 1, 2020 July 1, 2020 Dec. 31, 2020 Account Titles and Explanation Cash Bonds Payable Premium on Bonds Payable Interest Expense Premium on Bonds Payable Cash Interest Expense Premium on Bonds Payable Cash Debit Credit 230,000

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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