On January 1, Splish Brothers Inc. issued $470,000, 10%, 10-year bonds at face value. Interest...
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Accounting
On January 1, Splish Brothers Inc. issued $470,000, 10%, 10-year bonds at face value. Interest is payable annually on January 1. (a) Prepare the Journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amont is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation Jan 1 (b) Prepare the Journal entry to record the accrual of interest on December 31. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Dec 31 Credit (c) Prepare the journal entry to record the payment of Interest on January 1. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan 1
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