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Bizhelp, CPA
Category: Multiple Problems
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Experience:  BA degree and Certified Public Accountant
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On January 1, Flory Company issued $300,000, 8%, 5-year bonds

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On January 1, Flory Company issued $300,000, 8%, 5-year bonds at face value. Interest is payable semiannually on July 1 and January 1.
Prepare journal entries to record the following events.

The issuance of the bonds.
Date Account/Description Debit Credit
Jan. 1

The payment of interest on July 1, assuming no previous accrual of interest.
Date Account/Description Debit Credit
July 1

The accrual of interest on December 31.
Date Account/Description Debit Credit
Dec. 31
Submitted: 5 years ago.
Category: Multiple Problems
Expert:  Bizhelp replied 5 years ago.

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