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Journal
Date | Account title | Debit | Credit |
May 1 | Cash | 360,000 | |
Bonds payable | 360,000 | ||
(To record issue of bonds at par) | |||
Nov. 1 | Interest expense | 14,400 | |
Cash | 14,400 | ||
(To record semi annual interest expense payment) | |||
Dec. 31 | Interest expense | 4,800 | |
Interest payable | 4,800 | ||
(To record interest expense for 2 months) |
Interest expense to be recorded on Nov. 1 = Par value of bonds x Interest rate x Time period
= 360,000 x 8% x 6/12
= $14,400
Interest expense to be recorded on Dec. 31 = Par value of bonds x Interest rate x Time period
= 360,000 x 8% x 2/12
= $4,800
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