Clooney corporation issued 3000 7 5-year 1000 bonds dated, Accounting Basics

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Clooney corporation issued 3000 7 5-year 1000 bonds dated

Question: Clooney Corporation issued 3,000 7%, 5-year, $1,000 bonds dated January 1, 2017, at face value. Interest is paid each January 1.

(a) Prepare the journal entry to record the sale of these bonds on January 1, 2017.

(b) Prepare the adjusting journal entry on December 31, 2017, to record interest expense.

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Accounting Basics: Clooney corporation issued 3000 7 5-year 1000 bonds dated

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Accounting Basics: Clooney corporation issued 3000 7 5-year 1000 bonds dated

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