Entries for Issuing Bonds Thomson Co. produces and distributes semiconductors for use by computer manufacturers....
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Accounting
Entries for Issuing Bonds
Thomson Co. produces and distributes semiconductors for use by computer manufacturers. Thomson Co. issued $960,000 of 10-year, 11% 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.
| 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. |
Journalize the entries to record the above selected transactions for the current year.
| May 1 |
| Cash | |
|
| Bonds Payable | ||
| Nov. 1 |
| Interest Expense | |
|
| Cash | ||
| Dec. 31 |
| Interest Expense | |
|
| Interest Payable |
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