Abioye Co. produces and distributes semiconductors for use by computer manufacturers. Abioye Co. issued $840,000...
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Accounting
Abioye Co. produces and distributes semiconductors for use by computer manufacturers. Abioye Co. issued $840,000 of 10-year, 4% 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.
Required:
| Journalize the entries to record the following selected transactions for the current year. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. |
| 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. |
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