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Prepare journal entries to record payment of interest

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Question 1 - On January 1, 2017, Windsor Inc. issued $400,000 of 6%, 5-year bonds at par. Interest is payable semiannually on July 1 and January 1.

Prepare journal entries to record the following. (a) The issuance of the bonds. (b) The payment of interest on July 1. (c) The accrual of interest on December 31.

Question 2 - On April 1, 2017, Wildhorse Company issued $940,000 of 12%, 10-year bonds dated January 1 at par plus accrued interest. Interest is payable semiannually on July 1 and January 1.

Prepare journal entries to record the following. (a) The issuance of the bonds. (b) The payment of interest on July 1. (c) The accrual of interest on December 31.

Reference no: EM132568981

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