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Prepare journal entries to record the events

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Question - On 1 January Fairy Wren Ltd. issued $100,000, 10%, 10-year unsecured notes at face value. Interest is payable half-yearly on 1 July and 1 January. Interest is not accrued on 30 June. Fairy Wren Ltd.'s balance date is 31 December.

Prepare journal entries to record the following events.

1. The issue of the unsecured notes.

2. The payment of interest on 1 July.

3. The accrual of interest on 31 December.

Reference no: EM131622502

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