On September 1,2024, Pharoah Corporation issued $575,000 of 10-year, 3% bonds at 97. Interest is...
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Accounting
On September Pharoah Corporation issued $ of year, bonds at Interest is payable semiannually on September and March Pharoah's fiscal year end is February
a
Your answer is correct.
Is the market rate of interest higher or lower than
Market interest rate is than
Your answer is partially correct.
Record the issue of the bonds on September List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select No Entry" for the account titles and enter for the amounts.
Date Account Titles
Debit
Credit
Sept.
Cash
Bonds Payable
c
Record the accrual of interest on February assuming the semiannual amortization amount for this interest period is $List debit entry before credit entry. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select No Entry" for the account titles and enter for the amounts.
Date Account Titles
Debit
Credit
Feb.
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