On April 1, 2014, Quicke Mart issued $1,000,000, 9% bonds including accrued interest dated January 1, 2014. Interest is payable semi-annually on January 1 and July 1, and the bonds mature on January 1, 2021. 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 two interest payments.

Question

On April 1, 2014, Quicke Mart issued $1,000,000, 9% bonds including accrued interest dated January 1, 2014. Interest is payable semi-annually on January 1 and July 1, and the bonds mature on January 1, 2021.  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 two interest payments.

Quizplus · Accepted Answer

The Answer of On April 1, 2014, Quicke Mart issued $1,000,000, 9% bonds including accrued interest dated January 1, 2014. Interest is payable semi-annually on January 1 and July 1, and the bonds mature on January 1, 2021.  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 two interest payments.

On April 1, 2014, Quicke Mart Issued $1,000,000, 9% Bonds