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On January 1, 2018, Jackson Corporation issued $500,000, 12%, 10-year bonds at face value. Interest...

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Accounting

On January 1, 2018, Jackson Corporation issued $500,000, 12%, 10-year bonds at face value. Interest is payable semiannually on July 1 and January 1. Jackson Corporation has a calendar year-end and prepares annual adjusting entries.

(a) Prepare the general journal entry to record the issuance of the bonds.

(b) Prepare the general journal entry to record the July 1 interest payment.

(c) Prepare the general journal entry to record the December 31 interest accrual.

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