Exercise 9-10 (Algo) Record bonds issued at face amount and related s.pdf

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Splash City issued $320,000 of 8% bonds on January 1, 2024 that mature in 15 years. Semiannual interest payments are due on June 30 and December 31 each year. The bonds were issued at face value, so the journal entry on January 1, 2024 debits Cash and credits Bonds Payable. Subsequent entries debit Interest Expense and credit Cash for the first two semiannual interest payments on June 30, 2024 and December 31, 2024.

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Exercise 9-10 (Algo) Record bonds issued at face amount and related semiannual interest (LO9-
5) On January 1, 2024, Splash City issues $320,000 of 8% bonds, due in 15 years, with interest
payable semiannually on June 30 and December 31 each year. Required: Assuming the bonds
issue for $320,000, record the bond issue on January 1, 2024, and the first two semiannual
interest poyments on June 30, 2024, and December 31, 2024. (If no entry is required for a
particular transaction/event, select "No Journal Entry Required" in the first account field.)
Journal entry worksheet

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