Homework Answers
Interest expense as on December 31st = $600,000 X 6% X 9/12 = $27,000
Interest expense as on April 1st 2017 = $600,000 X 6% X 3/12 = $9,000
| Date | Account titles and explanation | Debit | Credit |
| Apr 1, 2016 | Cash | $600,000 | - |
| Bonds payable | - | $600,000 | |
| (To record cash received from bonds issued) | |||
| Dec 31, 2016 | Interest expense | $27,000 | - |
| Interest payable | - | $27,000 | |
| (To record interest expense accrued) | |||
| Apr 1, 2017 | Interest expense | $9,000 | - |
| Interest payable | $27,000 | - | |
| Cash | - | $36,000 | |
| (To record interest payment) |
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