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:
Fluid Intelligence
The capability to reason and think flexibly, solving new problems without relying on acquired knowledge.
Crystallized Intelligence
The ability to use learned knowledge and experience, typically stable or increasing with age.
Fluid Intelligence
The ability to think abstractly, reason, identify patterns, and solve problems quickly, which tends to decrease with aging.
Cognitive Capacity
The total amount of information that the human brain is capable of retaining and processing.
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