Question

Axxo Corporation issued 5,000, 10%, 5-year, $1,000 bonds dated January 1, 2010, at 100 (i.e. at 100% of face or par value).
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. Prepare the adjusting journal entry on December 31, 2010, to record interest expense.​

Answer 1

An exterior angle of a triangle is equal to the sum of its two opposite non-adjacent interior angles. The sum of the exterior angle and the adjacent interior angle that is not opposite is equal to 180º.