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Journalise the issue of the debentures on may

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Reference no: EM132209032

Question - On 1 May 2016, Noah issues 9%, 20-year debentures with a maturity value of $200 000. The debentures sell at 103 and pay interest on 1 May and 1 November. Noah amortises debenture premium by the straight-line method.

Requirements -

1. Journalise the issue of the debentures on 1 May 2016.

2. Journalise the half-yearly interest payment and amortisation of debenture premium on 1 November 2016.

3. Journalise the interest accrual needed on 31 December 2016. 4 Journalise the interest payment on 1 May 2016.

Reference no: EM132209032

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