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Zillow Corp. issued 8% ten-year bonds payable with a face amount of $60,000 when the market interest rate was 8%. Zillow's fiscal year-end on December 31. The bonds pay interest on January 1 and July 1. Read the requirement. a. Issuance of the bonds payable at par on July 1, 2021 Journal Entry Accounts and Explanations Date Debit Credit C

Zillow Corp. issued 8% ten-year bonds payable with a face amount of $60,000 when the market interest rate was 8%. Zillow's fiscal year-end on December 31. The bonds pay interest on January 1 and July 1. Read the requirement. a. Issuance of the bonds payable at par on July 1, 2021 Journal Entry Accounts and Explanations Date Debit Credit C

FINANCIAL ACCOUNTING
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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Zillow Corp. issued

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Zillow Corp. issued 8% ten-year bonds payable with a face amount of $60,000 when the market interest rate was 8%. Zillow's fiscal year-end on December 31. The bonds pay interest on January 1 and July 1. Read the requirement. a. Issuance of the bonds payable at par on July 1, 2021 Journal Entry Accounts and Explanations Date 2021 Jul 1 Debit Credit Requirement Journalize the following transactions for Zillow. Include an explanation for each entry. a. Issuance of the bonds payable at par on July 1, 2021 b. Accrual of interest expense on December 31, 2021 c. Payment of cash interest on January 1, 2022 d. Payment of the bonds payable at maturity (give the date) (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Print Done
Transcribed Image Text:Zillow Corp. issued 8% ten-year bonds payable with a face amount of $60,000 when the market interest rate was 8%. Zillow's fiscal year-end on December 31. The bonds pay interest on January 1 and July 1. Read the requirement. a. Issuance of the bonds payable at par on July 1, 2021 Journal Entry Accounts and Explanations Date 2021 Jul 1 Debit Credit Requirement Journalize the following transactions for Zillow. Include an explanation for each entry. a. Issuance of the bonds payable at par on July 1, 2021 b. Accrual of interest expense on December 31, 2021 c. Payment of cash interest on January 1, 2022 d. Payment of the bonds payable at maturity (give the date) (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Print Done
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