DEBIT CREDIT LINE DATE GENERAL JOURNAL 1 01/01/2017 Date Transaction 01/01/2017 Jackson Company issued $300,000...
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DEBIT CREDIT LINE DATE GENERAL JOURNAL 1 01/01/2017 Date Transaction 01/01/2017 Jackson Company issued $300,000 of bonds at a price of 98% of face value. The bonds have a maturity of 3 years and an interest rate of 4%, with annual interest payments. 3 31/12/2017) 31/12/2017 Make the first interest entry. Debit Interest Expense, credit Discount on Bonds Payable, credit Cash. 00 31/12/2018 31/12/2018 Make the second interest entry. 10 11 12 13 31/12/2019 31/12/2019 Make the third interest entry. IS 16 171 31/12/2019 31/12/2019 Make the entry to pay off the face amount of the bonds at the end of year 3. 19
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