Journalizing bond transactions [10 min]
Clarity Communication issued $42,000 of 8%, 10-year bonds payable on October 1, 2012, at par value. Clarity’s accounting year ends on December 31.
Requirements
1. Journalize the issuance of the bonds on October 1, 2012.
2. Journalize the accrual of interest expense on December 31, 2012.
3. Journalize the payment of the first semiannual interest amount on April 1, 2013.
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