Please help! It would be greatly appreciated! Exercise 10-9 On January 1, Blosso

Question

Please help! It would be greatly appreciated!

Exercise 10-9 On January 1, Blossom Company issued $301,000, 7%, 10-year bonds at face value. Interest is payable annuaily on January 1. Prepare journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 1 SHOW LIST OF ACCOUNTS LINK TO TEXT VIDEO: APPLIED SKILLS VIDEO: SIMILAR EXERCISE Prepare journal entry to record the accrual of interest on December 31. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31

Explanation / Answer

Date Accounts Titles and Explanation Debit Credit Jan. 1 Cash 301,000 Bonds payable 301,000 Date Accounts Titles and Explanation Debit Credit Dec. 31 Interest expense (301,000*7%) 21,070 Interest payable 21,070 Date Accounts Titles and Explanation Debit Credit Jan. 1 Interest payable 21,070 Cash 21,070

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