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Ayayai Corp. issued 3,200 5%, 5-year,...

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Accounting

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Ayayai Corp. issued 3,200 5%, 5-year, $ 1,000 bonds dated January 1, 2017, at face value. Interest is paid each January 1. (a) Prepare the journal entry to record the sale of these bonds on January 1, 2017.(Credit account titles are automatically indented wher Date Account Titles and Explanation Debit Credit Jan. 1,2017 (b) Prepare the adjusting journal entry on December 31,2017, to record interest expense. (Credit account titles are automatically indented manually) Debit Credit Date Account Titles and Explanation Dec. 31,2017

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