Martinez Ltd. issued a $890,000, 10-year bond at par on January 1, 2023. The bond paid 10% interest each January 1 and July 1. The company's year end was December 31. Prepare the journal entries to record the issue of the bond, the payment of interest on July 1, and the December 31 accrual entry. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles Debit Credit

Martinez Ltd. issued a $890,000, 10-year bond at par on January 1, 2023. The bond paid 10% interest each January 1 and July 1. The company's year end was December 31. Prepare the journal entries to record the issue of the bond, the payment of interest on July 1, and the December 31 accrual entry. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles Debit Credit

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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