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Prepare the journal entry to record the first interest

Pruitt Corporation issued 3,000, 8%, 5-year, $1,000 bonds dated January 1, 2010, at 100.

(a) Prepare the journal entry to record the sale of these bonds on January 1, 2010.

(b) Prepare the journal entry to record the first interest payment on July 1, 2010 (interest payable semiannually), assuming no previous accrual of interest.

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Accounting Basics: Prepare the journal entry to record the first interest

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