On March 1, a company issues 6%,10 year $300,00 par value bonds that pay semiannual interest...
On March 1, a company issues 6%,10 year $300,00 par value bonds that pay semiannual interest each June 30 and December 31. The bonds sell at par value plus interest accrued since January 1. Prepare the general entry to record the issuance of the bonds on March 1
Homework Answers
| Date | Accounts titles & explanations | Debit | Credit | ||||
| 1-Mar | cash | 303,000 | |||||
| bonds payable | 300,000 | ||||||
| interest expense | (300,000*6%*2/12) | 3000 | |||||
| please see to it if bonds par value is 300,000 or 30,000 as I think | |||||||
| you forget to type one zero. | |||||||
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On March 1, a company issues 6%,10 year $300,00 par value bonds
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