On January Smalls, Inc. issued $ of its year bonds for $ a Prepare the entries to record the issuance of the bonds on January
General Journal Instructions
GENERAL JOURNALb. Prepare the journal entry to record interest expense in using the effective interest method on December
General Journal Instructionsc. Prepare the journal entry to record interest expense in using the straightline method on December
General Journal Instructions
PAGE
GENERAL JOURNAL
tableDATE,,POST. REF.,DEBIT,CREDITDec. Interest Expense,,Discount on Bonds Payable,,,Cash,,Dec. Deferred Debt Issuance Costs,,,Interest is payable annually and the effective yield was Costs connected with the issue totaled $
Required:
a Prepare the entry to record the issuance of the bonds.
b Prepare the journal entry to record interest expense in using the effective interest method.
c Prepare the journal entry to record interest expense in using the straightline method.
