On October 1, 2024, Pharoah Corporation issued $660,000 of 10-year, 6% bonds at 100. Interest...
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On October 1, 2024, Pharoah Corporation issued $660,000 of 10-year, 6% bonds at 100. Interest is payable semi-annually on October 1 and April 1. Pharoah's year end is December 31 and the company records adjusting entries annually. (a) Prepare journal entries to record the following: (Round answers to O decimal places, e.g. 5,275. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) 1. The issue of the bonds on October 1, 2024. The accrual of interest on December 31, 2024. The payment of interest on April 1, 2025. 2. 3.
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