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Fundamentals of Financial Accounting 4th Edition by Fred Phillips,Robert Libby,Patricia Libby
Edition 4ISBN: 978-0078025372Fundamentals of Financial Accounting 4th Edition by Fred Phillips,Robert Libby,Patricia Libby
Edition 4ISBN: 978-0078025372 Exercise 23
Recording Bonds Issued at Face Value
Schlitterbahn Waterslide Company issued 25,000, 10-year, 5 percent, $100 bonds on January 1, 2013, at face value. Interest is payable each December 31. Show the accounting equation effects and prepare journal entries for ( a ) the issuance of these bonds on January 1, 2013, and ( b ) the interest payment on December 31, 2013.
Schlitterbahn Waterslide Company issued 25,000, 10-year, 5 percent, $100 bonds on January 1, 2013, at face value. Interest is payable each December 31. Show the accounting equation effects and prepare journal entries for ( a ) the issuance of these bonds on January 1, 2013, and ( b ) the interest payment on December 31, 2013.
Explanation
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Show the accounting equation effects:
(...
Fundamentals of Financial Accounting 4th Edition by Fred Phillips,Robert Libby,Patricia Libby
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