Lisle Corporation issued $200,000 of 10% bonds on January 1,2014.The bonds pay interest semiannually on January 1 and July 1.The company has a fiscal year end of May 31.On May 31,2014,the Lisle Corporation will:
A) make a journal entry to accrue interest expense from July 1 through December 31.
B) make a journal entry to accrue interest expense from January 1 through July 1
C) make a journal entry to accrue interest expense from January 1 through May 31.
D) make a journal entry to record cash interest paid on May 31.
Correct Answer:
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