On the First Day of the Fiscal Year, a Company

question 77

Essay

On the first day of the fiscal year, a company issues a $500,000, 8%, 10-year bond that pays semiannual interest of $20,000
($500,000 × 8% × 1/2), receiving cash of $530,000. Journalize the entry to record the issuance of the bonds.

---

Definitions:

Universally

A term that implies applicability or acceptance everywhere or in all cases without exception.

Truth In Sentencing

A legal policy that requires offenders to serve a substantial portion of their prison sentence, minimizing the possibility of early release.

Ethical Problem

A situation where a person is faced with a dilemma involving moral principles or practice.

Criminal Justice

The system of practices and institutions aimed at upholding social control, deterring and mitigating crime, and sanctioning those who violate laws.