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On November 1, 2013, Archangel Services Issued $200,000 of 10-Year

Question 138

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On November 1, 2013, Archangel Services issued $200,000 of 10-year bonds with a stated rate of 3%. The bonds were sold at par and make semiannual payments on April 30 and October 31. At December 31, 2013, Archangel made an adjusting entry to accrue interest at year-end. No further entries were made until April 30, 2014, when the first payment was sent out. Please provide the journal entry for this payment.
On November 1, 2013, Archangel Services issued $200,000 of 10-year bonds with a stated rate of 3%. The bonds were sold at par and make semiannual payments on April 30 and October 31. At December 31, 2013, Archangel made an adjusting entry to accrue interest at year-end. No further entries were made until April 30, 2014, when the first payment was sent out. Please provide the journal entry for this payment.

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