*Problem 10-3A (Part Level Submission) on May 1 2019, Pharoan Company issued $66
ID: 2565190 • Letter: #
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*Problem 10-3A (Part Level Submission) on May 1 2019, Pharoan Company issued $660,00 7%, 5-year bonds a ace alue. The bonds were dated May 1 2019, and pay nterest annually on a Financial satements are prepared an a on December 31 Your answer is partially correct. Try again. Prepare the Journal entry to record the issuance of the bonds. (Credit account tities are automatically indented when amount is entered. Do not indent maually.) Date Account Titles and Explanation Debit Credit May 1' 201 as ands Pavable Attempts: 5 of 5 used Prepare the adjusting entry to record the acrual of interest on December 31, 2019. (Credit account titfes 1, 2019. (Credit are automatically indented when amount is entered. Do not indent manually.) Date Account Titdes and Explanation Debit Credit Dec. 31, 2019 Attempts: o of S used Tha parts of this question must be completed in order. This pat WWbe avalable when you campiete the part above.Explanation / Answer
a May-1-19 Cash 660000 Bonds payable 660000 b Dec-31-19 Interest expense 30800 =660000*7%/12*8 Interest payable 30800
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