On January 1, the first day of the fiscal year, a company issues a $1,800,000, 4% , five-year bond that pays semiannual interest of $36,000 ($1,800,000 x 4% x %), receiving cash of $1,992,170. Journalize the bond issuance. Refer to the Chart of Accounts for exact wording of account titles. Journal 1 2 DATE DESCRIPTION JOURNAL POST. REF. DEBIT CREDIT

On January 1, the first day of the fiscal year, a company issues a $1,800,000, 4% , five-year bond that pays semiannual interest of $36,000 ($1,800,000 x 4% x %), receiving cash of $1,992,170. Journalize the bond issuance. Refer to the Chart of Accounts for exact wording of account titles. Journal 1 2 DATE DESCRIPTION JOURNAL POST. REF. DEBIT CREDIT

Corporate Financial Accounting

14th Edition

ISBN:9781305653535

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter11: Liabilities: Bonds Payable

Section: Chapter Questions

Problem 11.1BE: Issuing bonds at face amount On January 1, the first day of the fiscal year, Designer Fabric Inc....

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