On january 12011 jws corporation issued 770000 of 7 bonds, Ask an Expert

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On January 1,2011, JWS Corporation issued $770,000 of 7% bonds, due in 10 years. The bonds were issued for $717,679, and payinterest each July 1 and January 1. JWS uses the effective interestmethod. Prepare the company's journal entries for (a) the January 1issuance, (b) the July 1 interest payment, and (c) the December 31adjusting entry. Assume an effective interest rate of 8%

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Accounting Basics, Accounting

Category:- Accounting Basics
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