Question

leyPLUS Kimmel, Financial Accounting, 9e MENT RESOURCES Exercise 10-13 On January 1, Sandhill Co. Issued $363,000, 9%, 10-year bonds at face value. Interest is payable annually on January 1. ise 10-03 OE 10E Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not in toise 1025 rost 10.25 Date Account Titles and Explanation Debit Credit Jan. 1 w Score w Results by Study tive LINK TO VIDEO Prepare the journal entry to record the accrual of interest on December 31. (Credit account titles are automatically Indented when amount is entered. Date Account Titles and Explanation Debit Credit Dec. 31 Prepare the journal entry to record the payment of interest on January 1. (Credit account titles are automatically indented when amount is entered. Dom Date Account Titles and Explanation Debit Credit w USE OF ACCOUNTS

Answer 1

The answer has been presented in the supporting sheet. All the parts has been solved with detailed explanation and format. For detailed answer refer to the supporting sheet.

Answer 3 Part 1) 4 Date 5 Jan.1 Credit Account Titles and Explanation Cash 9% Bond Payable Debit 363,000 $ $ 363,000 8 Part 2) 9 Date 10 Dec. 31 Credit Account Titles and Explanation Interest expense (363000*9%) Interest Payable Debit 32,670 $ $ 32,670 .3 Part 3) 4 Date 15 jan.1 Credit Account Titles and Explanation Interest Payable Cash Debit 32,670 $ $ 32,670