Burris Corporation is authorized to issue $940,000 of 6% bonds. Interest on the bonds is payable semiannually; the bonds are dated January 1, Year 1, and are due December 31, Year 5. Required: Prepare the journal entries to record the following: a. April 1, Year 1 Sold the bonds at par plus accrued interest b. June 30, Year 1 First interest payment c. December 31, Year 1 Second interest payment

Burris Corporation is authorized to issue $940,000 of 6% bonds. Interest on the bonds is payable semiannually; the bonds are dated January 1, Year 1, and are due December 31, Year 5. Required: Prepare the journal entries to record the following: a. April 1, Year 1 Sold the bonds at par plus accrued interest b. June 30, Year 1 First interest payment c. December 31, Year 1 Second interest payment

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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a.	April 1, Year 1	Sold the bonds at par plus accrued interest
b.	June 30, Year 1	First interest payment
c.	December 31, Year 1	Second interest payment

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