Abioye Co. produces and distributes semiconductors for use by computer manufacturers. Abioye Co. issued $990,000 of 25-year, 9% bonds on May 1 of the current year at face value, with interest payable on May 1 and November 1. The fiscal year of the company is the calendar year. May 1 Issued the bonds for cash at their face amount. Nov. 1 Paid the interest on the bonds. Dec. 31 Recorded accrued interest for two months. Journalize the entries to record the above selected transactions for the current year. If an amount box does not require an entry, leave it blank. Round your answers to whole number.
Abioye Co. produces and distributes semiconductors for use by computer manufacturers. Abioye Co. issued $990,000 of 25-year, 9% bonds on May 1 of the current year at face value, with interest payable on May 1 and November 1. The fiscal year of the company is the calendar year. May 1 Issued the bonds for cash at their face amount. Nov. 1 Paid the interest on the bonds. Dec. 31 Recorded accrued interest for two months. Journalize the entries to record the above selected transactions for the current year. If an amount box does not require an entry, leave it blank. Round your answers to whole number.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Entries for Issuing Bonds
Abioye Co. produces and distributes semiconductors for use by computer manufacturers. Abioye Co. issued $990,000 of 25-year, 9% bonds on May 1 of the current year at face value, with interest payable on May 1 and November 1. The fiscal year of the company is the calendar year.
| May 1 | Issued the bonds for cash at their face amount. |
| Nov. 1 | Paid the interest on the bonds. |
| Dec. 31 | Recorded accrued interest for two months. |
| May 1 |
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| Nov. 1 |
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- Select - | - Select - | |
| Dec. 31 |
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- Select - | - Select - |
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- Select - | - Select - |
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