WileyPLUS | Learning Person\" Wil Start [y] WileyPLUS × | Q Orion ch ment CALCUL

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WileyPLUS | Learning Person" Wil Start [y] WileyPLUS × | Q Orion ch ment CALCULATOR MESSAGE NY INSTRUCTOR FULL SCREEN PRINTER VERSION 4EACK NEXT Exercise 10-8 On August 1, 2017, Bridgeport Corp. issued $483,600, 7%, 10-year bonds at face value. Interest is payable annually on August 1. Bridgeport's year-end is December 31. Prepare journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Aug. 1 SHOW LIST OF ACCOUNTS LINK TO TEXT Prepare journal entry to record the accrual of interest on December 31, 2017. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit

Explanation / Answer

Date Account titles & Explanations Debit Credit 1-Aug Cash 483,600 Bonds payable 483,600 31-Dec interest expense 14105 Interest payable 14,105 (483,600*7%*5/12) 1-Aug interest expense (483600*7%*7/12) 19747 interest payable 14105 cash 33852

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