On November 1, 2013, Archangel Services issued $200,000 of 10-year bonds with a stated rate of 3%. The bonds were sold at par and make semiannual payments on April 30 and October 31. At December 31, 2013, Archangel made an adjusting entry to accrue interest at year-end. No further entries were made until April 30, 2014, when the first payment was sent out. Please provide the journal entry for this payment.
Definitions:
Economic Profit
The difference between total revenues and the total costs of a firm, including both explicit and implicit costs.
Gas Station
A retail business establishment that sells fuel and engine lubricants for motor vehicles.
Prices Charged
The amount of money demanded by a business in exchange for its goods or services.
Long Run
A period during which all factors of production and costs are variable, allowing firms to adjust to desired levels.
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