Scooby Corporation issued $200,000 of five-year 6% bonds at face value on August 1, 2013. Interest is paid annually on July 31.
a) Prepare Scooby's journal entry to record the issuance of the bonds.
b) Prepare Scooby's adjusting entry required on 12/31/13.
c) Prepare Scooby's entry to record the first interest payment on 7/31/14.

Question

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The Answer of Scooby Corporation issued $200,000 of five-year 6% bonds at face value on August 1, 2013. Interest is paid annually on July 31.
a) Prepare Scooby's journal entry to record the issuance of the bonds.
b) Prepare Scooby's adjusting entry required on 12/31/13.
c) Prepare Scooby's entry to record the first interest payment on 7/31/14.

Scooby Corporation Issued $200,000 of Five-Year 6% Bonds at Face