On January 1, 2015, Providence, Inc., issues $1,000,000 of 10 percent, 5-year bonds. Providence makes the...
On January 1, 2015, Providence, Inc., issues $1,000,000 of 10 percent, 5-year bonds. Providence makes the first semiannual interest payment on June 30, 2015. Complete the necessary journal entry for June 30, 2015 by selecting the account names and dollar amounts from the drop-down menus.
Homework Answers
Record the Journal entry on June 30, 2015 Semi annual interest Payment
| Date | General Journal | Debit | Credit |
| June 30, 2015 | Bond Interest Expenses | 50,000 | |
| Cash | 50,000 |
Interest Expenses = 1,000,000*10%*6/12 = 50,000
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