On April 1, 2016, Quicke Mart issued $1,000,000, 9% bonds at par plus accrued interest dated January 1, 2014.
Interest is payable semi-annually on January 1 and July 1. The bonds mature on January 1, 2023.
Requirements
Prepare journal entries to record the following transactions related to long-term bonds of Quicke Mart:
1) The issuance of the bonds.
2) The first interest payments.

Question

Quizplus · Accepted Answer

The Answer of On April 1, 2016, Quicke Mart issued $1,000,000, 9% bonds at par plus accrued interest dated January 1, 2014.
Interest is payable semi-annually on January 1 and July 1. The bonds mature on January 1, 2023.
Requirements
Prepare journal entries to record the following transactions related to long-term bonds of Quicke Mart:
1) The issuance of the bonds.
2) The first interest payments.

On April 1, 2016, Quicke Mart Issued $1,000,000, 9% Bonds