Solution libraryQuestion: 141590
Question(s) / Instruction(s):
The Colson Company issued $300,000 of 10% bonds on January 1, 2011. The bonds are due January 1, 2016, with interest payable each July 1 and January 1. The bonds are issued at face value. Prepare Colson?s journal entries for
(a) The January issuance,
(b) The July 1 interest payment, and
(c) The December 31 adjusting entry.