(L.OBJ. 6) Journalizing bond transactions-year end Interest accrual [10 min]
Fredrickson Homebuilders issued $220,000 of 7%, 10-year bonds at par on October 31, 2011. Fredrickson pays semiannual interest on April 30 and October 31.
Requirements
1. Journalize the issuance of the bonds payable on October 31, 2011.
2. Journalize the accrual of interest on December 31, 2011.
3. Journalize the payment of semiannual interest on April 30, 2012.
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