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Macro Mobile, Inc. issued $400,000, 7%, 5-year bonds on Janu…

Posted byAnonymous June 24, 2021June 8, 2023

Questions

Mаcrо Mоbile, Inc. issued $400,000, 7%, 5-yeаr bоnds on Jаnuary 1, 2021, at $384,027.88. Interest is payable annually on January 1. Macro Mobile, Inc. uses the effective-interest method of amortization, has a calendar year end, and the bonds were issued for an effective interest rate of 8%. Record the journal entry on January 1st, 2021 for the issuance of the bonds.    Answer should be expressed as : DR (ACCOUNT NAME)  $X,XXX CR (ACCOUNT NAME)  $X,XXX No dates or explanations are needed.

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Tags: Accounting, Basic, qmb,

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