The City of Crane issued 300 bonds at their face value of $4,000 each plus accrued interest on June 1, 2023. The term of the bonds was January 1, 2023, to January 1, 2029, with interest payable semi-annually each January 1 and July 1 at 9%. Crane uses the effective interest method. (a) Prepare the journal entry for the date of issuance. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List all debit entries before credit entries.)

The City of Crane issued 300 bonds at their face value of $4,000 each plus accrued interest on June 1, 2023. The term of the bonds was January 1, 2023, to January 1, 2029, with interest payable semi-annually each January 1 and July 1 at 9%. Crane uses the effective interest method. (a) Prepare the journal entry for the date of issuance. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List all debit entries before credit entries.)

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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