Problemon may 1 2014 herron corp issued 386400 8 5-year, Ask an Expert

Accounting

Problem:

On May 1, 2014, Herron Corp. issued $386,400, 8%, 5-year bonds at face value. The bonds were dated May 1, 2014, and pay interest semiannually on May 1 and November 1. Financial statements are prepared annually on December 31

Required:

Question: Prepare the journal entry to record payment of interest on November 1, 2015.

Note: Please show the work not just the answer.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91165279

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