8 Frankum Company has issued three different bonds during 2022. Interest is payable annually on each of these bonds.1.2.3.Prepare the journal entry to record each bond transaction at the date of issuance. (Credit account titles are automatically indentwhen amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter Cfor the amounts.)No.1.2.On January 1, 2022, 1,000, 8%, 5-year, $1,000 bonds dated January 1, 2022, were issued at face value.On July 1, $900,000, 9%, 5-year bonds dated July 1, 2022, were issued at 102.On September 1, $400,000, 7%, 5-year bonds dated September 1, 2022, were issued at 98.3.DateAccount Titles and ExplanationDebitCredit

The bonds are issued to raise the money from the market or investors. The bonds are reported as the…

Frankum Company has issued three different 1. 2. 3. On January 1, 2022, 1,000, 8 % , 5-year, $1,000 bonds dated January 1, 2022, were issued at face value. On July 1, $900,000, 9%, 5-year bonds dated July 1, 2022, were issued at 102. On September 1, $400,000, 7%, 5-year bonds dated September 1, 2022, were issued at 98. Prepare the journal entry to record each bond transaction at the date of issuance. (Credit account titles are automatically inder

Frankum Company has issued three different 1. 2. 3. On January 1, 2022, 1,000, 8 % , 5-year, $1,000 bonds dated January 1, 2022, were issued at face value. On July 1, $900,000, 9%, 5-year bonds dated July 1, 2022, were issued at 102. On September 1, $400,000, 7%, 5-year bonds dated September 1, 2022, were issued at 98. Prepare the journal entry to record each bond transaction at the date of issuance. (Credit account titles are automatically inder

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter13: Long-term Liabilities

Section: Chapter Questions

Problem 6PB: Edward Inc. issued bonds with a $500,000 face value, 10% interest rate, and a 4-year term on July 1,...

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