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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 99
(Supplement 10A) Recording Bond Issuance and Interest Payment (Straight-Line Amortization)
Simko Company issued $600,000, 10-year, 5 percent bonds on January 1, 2012. The bonds were issued for $580,000. Interest is payable annually on December 31. Using straight-line amortization, prepare journal entries to record ( a ) the bond issuance on January 1, 2012, and ( b ) the payment of interest on December 31, 2012.
Simko Company issued $600,000, 10-year, 5 percent bonds on January 1, 2012. The bonds were issued for $580,000. Interest is payable annually on December 31. Using straight-line amortization, prepare journal entries to record ( a ) the bond issuance on January 1, 2012, and ( b ) the payment of interest on December 31, 2012.
Explanation
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Prepare the journal entries:
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Fundamentals of Financial Accounting 4th Edition by Fred Phillips,Robert Libby,Patricia Libby
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