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07-02-2020
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On August 1, 2022, Blue Spruce Corp. issued $481,200, 7%, 10-year bonds at face value. Interest is payable annually on August 1. Blue Spruces year-end is December 31. Prepare journal entry to record the issuance of the bonds.

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08-02-2020

Answer:

The journal entry for the issuance of bond will be: Cash credit by $481200

and Bond receivable debit by $481200

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