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Prepare general journal entries for the three bonds issued

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Question - Bowie Company uses the straight-line method for amortization of all bond premium & discounts. During fiscal year 2020 Bowie had the following bond payable transactions:

January 2, issued 20, $1,000 bonds at 102. These 5-year bonds are dated January 1, 2020. The contract interest rate is 5%.  Interest is payable semi-annual on January 1 and July 1.

July 1, Bowie issued $400,000 of 8%, 10-year bonds.  The bonds are dated January 1, 2020 were issued at 95, and pay interest on July 1 and January 1.

October 1, Bowie issued 10-year bonds $10,000 face value bonds for $10,500 cash. The bonds have a stated rate of 8%. Interest is payable on October 1 and April 1.

Use this information to prepare General Journal entries for the three bonds issued and any interest accruals and payments for the fiscal year 2020.

Reference no: EM133071005

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