Devers corporation issued 400000 of 6 bonds on may 1 2014, Accounting Basics

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Devers corporation issued 400000 of 6 bonds on may 1 2014

Devers Corporation issued $400,000 of 6% bonds on May 1, 2014. The bonds were dated January 1, 2014, and mature January 1, 2017, with interest payable July 1 and January 1. The bonds were issued at face value plus accrued interest. Prepare Devers's journal entries for (a) the May 1 issuance, (b) the July 1 interest payment, and (c) the December 31 adjusting entry.

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Accounting Basics: Devers corporation issued 400000 of 6 bonds on may 1 2014

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Accounting Basics: Devers corporation issued 400000 of 6 bonds on may 1 2014

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