On January 1, 2022, Sheffield Corporation issued $ 660,000 of 9% bonds, due in 8...
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Accounting
On January 1, 2022, Sheffield Corporation issued $ 660,000 of 9% bonds, due in 8 years. The bonds were issued for $ 698,454, and pay interest each July 1 and January 1. The effective-interest rate is 8%. Prepare the companys journal entries for (a) the January 1 issuance, (b) the July 1 interest payment, and (c) the December 31 adjusting entry. (Round answers to 0 decimal places, e.g. 38,548. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
tel (a) Jan. 1, 2022 Cash 660,000 Bonds Payable (b) July 1, 2022 Interest Expense Cash (c) Dec. 31, 2022
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