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For each of these two independent situations prepare

Question -

Presented below are two independent situations.

1. On January 1, 2017, Carla Company issued $372,000 of 9%, 10-year bonds at par. Interest is payable quarterly on April 1, July 1, October 1, and January 1.

2. On June 1, 2017, Sarasota Company issued $324,000 of 10%, 10-year bonds dated January 1 at par plus accrued interest. Interest is payable semiannually on July 1 and January 1.

For each of these two independent situations, prepare journal entries to record the following.

(a) The issuance of the bonds.

(b) The payment of interest on July 1.

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Accounting Basics: For each of these two independent situations prepare

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Accounting Basics: For each of these two independent situations prepare

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