Flounder Corp. issued 1,500 9%, 9-year, $1,000 bonds dated January 1, 2022, at face value. Interest is paid each January 1.
Flounder Corp. issued 1,500 9%, 9-year, $1,000 bonds dated January 1, 2022, at face value. Interest is paid each January 1.
(a) Prepare the journal entry to record the sale of these bonds on January 1, 2022.
(b) Prepare the adjusting journal entry on December 31, 2022, to record interest expense.
Homework Answers
Answer
| Date | Accounts title | Debit | Credit |
| 01-Jan-22 | Cash (1500 x $ 1000] | $1,500,000 | |
| Bonds Payable | $1,500,000 | ||
| (to record issuance of Bonds) | |||
| 31-Dec-22 | Interest Expense ($1500000 x 9%) | $135,000 | |
| Interest Payable | $135,000 | ||
| (to record accrual of 12 month interest) | |||
| 01-Jan-23 | Interest Payable | $135,000 | |
| Cash | $135,000 | ||
| (to record payment of interest) |
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