Problem 10-8 A Financial Statement
Impact of a Bond Worthington Company issued $1,000,000 face value, six-year, 10% bonds on July 1, 2012,when the market rate of interest was 12%. Interest payments are due every July 1 and January 1. Worthington uses a calendar year-end.
Required
1.Prepare the journal entry to record the issuance of the bonds on July 1, 2012.
2.Prepare the adjusting journal entry on December 31, 2012, to accrue interest expense
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