The Waterway Company issued $300,000 of 8 % 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 101. Prepare the journal entries for (a) January 1, (b) July 1, and (c) December 31. Assume The Waterway 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.) No. (b) (c) Date Account Titles and Explanation Debit 100 Cr
The Waterway Company issued $300,000 of 8 % 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 101. Prepare the journal entries for (a) January 1, (b) July 1, and (c) December 31. Assume The Waterway 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.) No. (b) (c) Date Account Titles and Explanation Debit 100 Cr
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:The Waterway Company issued $300,000 of 8% 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 101.
Prepare the journal entries for (a) January 1, (b) July 1, and (c) December 31. Assume The Waterway 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.)
Account Titles and Explanation
No.
(a)
Date
Debit
000000
Cr
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