INTERMEDIATE ACCOUNTING II- Exam 1a Bond Sold at Premium or Discount between Interest date On Jan. 1, 2021 ABC Corp. sold a 10 year 1,000,000 8% bonds dated Jan. 1, 2021 for $1,080,000. This bond pays interest semi-annually on July 1 and Dec. 31st
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INTERMEDIATE ACCOUNTING II- Exam 1a
Bond Sold at Premium or Discount between Interest date
On Jan. 1, 2021 ABC Corp. sold a 10 year 1,000,000 8% bonds dated Jan. 1, 2021 for $1,080,000. This bond pays interest semi-annually on July 1 and Dec. 31st
- Pass Journal entry to set up bond sale
| Date | Dr. | Cr. | |
- Pass Journal entry to record interest expense on July 1, 2021
| Date | Dr. | Cr. | |
- Pass Journal entry to record interest expense on Dec. 31, 2021
| Date | Dr. | Cr. |
On Jan 1, 2021, TDK Corp. sold a ten year 800,000 5% bonds dated Jan 1, 2021 for $724.000.
4 Pass Journal entry to set up bond sale
| Date | |||
- Pass Journal entry to record interest expense on July 1, 2021
| Date | Dr. | Cr. | |
Pass Journal entry to record interest expense on Dec. 31, 2021
| Date | Dr. | Cr. | |
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