On January 1, 2018, Jackson Corporation issued $500,000, 12%, 10-year bonds at face value. Interest...
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Accounting
On January 1, 2018, Jackson Corporation issued $500,000, 12%, 10-year bonds at face value. Interest is payable semiannually on July 1 and January 1. Jackson Corporation has a calendar year-end and prepares annual adjusting entries.
(a) Prepare the general journal entry to record the issuance of the bonds.
(b) Prepare the general journal entry to record the July 1 interest payment.
(c) Prepare the general journal entry to record the December 31 interest accrual.
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