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VikaD [51]
1 year ago
8

A company issued 8%, 15-year bonds with a par value of $550,000 that pay interest semi-annually. The current market rate is 8%.

The journal entry to record each semiannual interest payment is:
Business
1 answer:
Kruka [31]1 year ago
6 0

The journal entry to record each semiannual interest payment is:

Debit Bond Interest Expense $22,000; credit Cash $22,000.

<h3>What journal entries?</h3>
  • A journal entry is an act of keeping or producing records of any economic or non-economic transaction.
  • An accounting journal, which shows a company's debit and credit balances, records transactions.
  • The journal entry can be made up of multiple records, each of which is either a debit or a credit.
  • Otherwise, the journal entry is termed unbalanced if the sum of the debits does not equal the total of the credits.
  • For example, a corporation may issue 8%, 15-year bonds with a par value of $550,000 that pay semi-annual interest. The market rate is currently 8%.
  • The journal entry for each semiannual interest payment is as follows: Debit Bond Interest Expense $22,000; credit Cash $22,000.

Therefore, the journal entry to record each semiannual interest payment is:

Debit Bond Interest Expense $22,000; credit Cash $22,000.

Know more about journal entries here:

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