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Problem 7 : Bond Prob. - Straight line Background: Jaybird Mining issued $400,000, 6%, 5-year Gallable bonds payable that pay interest quarterly on March 31, June 30, September 30, and December 31 These bonds were issued at a price of 98 on January 1 2018. All entries related to these bonds are included in the Transactions section below. Jaybird uses the straight-line method for amortizing any bond discount or premium. Assignment: 1) Using the General Journal tab, click Add Transaction to journalize oach transaction. Click Fost Transaction once you complete the entry then repeat these steps for each transaction 2) Click the Reports tab and review the results of recording these transactions on the General Ledger 3) Click Submit Work when complete Transactions: 01/01/2018 Record the issuance of the $400,000, 6%, 5-year bonds payable at 90. 03/31/2018 Record the quarterly interest payment for these bonds 06/30/2018 Record the quarterly interest payment for these bonds 09/30/2018 Record the quarterly interest payment for these bonds SAVE WORK RESET RESULTS SUBMIT WORK BUSINESS REPORTS COMPANY INFORMATION CHART OF ACCOUNTS GENERAL JOURNAL Date Accounts Debit Credit No transactions in Journal 06/30/2018 Record the quarterly interest payment for these bonds. 09/30/2018 Record the quarterly interest payment for these bonds. 10/01/2018 Jaybird called in half of these bonds at a price of 101. 12/31/2018 Record the quarterly interest payment for the remaining bonds

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