Riverbed Corp issued 2,300 6%, 5-year, $1,000 bonds dated January 1, 2022, at face value. Interest is paid each January 1. Prepare a tabular summary to: (a) Record the sale of these bonds on January 1, 2022. (b) Adjust accounts on December 31, 2022, to record interest expense. (c) Record interest paid on January 1, 2023.

See explanation

Explanation:

The journal entry to record the transactions goes thus:

a. Jan 1, 2022:

Debit Cash 2300 × 1000 = 2300000

Credit Bonds payable 2300000

(To record sale of bonds)

b. Dec. 31, 2022

Debit Interest expense 2300000× 6% = 138000

Credit Interest payable 138000

c. Jan 1, 2023

Debit Interest payable 138000

Credit Cash 138000

(To record interest paid)

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