Journalise the following bond transactions


On March 1,2007 Educators Creditor Union(ECU) issue 6%, 20-years bond payable with maturity value of $300,000. The bonds pay interest on February 28 and August 31. ECU amortizes bond premium and discount by the straight-line method, the issue price of the bonds is $98, journalise the following bond transactions:


1. Issue of the bonds on March 1, 2007
2. Payment of interest and amortization of discount on August 31, 2007
3. Accrual of interest and amortization of discount on December 2007
4. Payment of interest and amortization of discount on February 28, 2008

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Accounting Basics: Journalise the following bond transactions
Reference No:- TGS083696

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