on 2009 december 1 new jersey waste management company issued usd 300 000 of 10 year 626079

On 2009 December 1, New Jersey Waste Management Company issued USD 300,000 of 10-year, 9 percent bonds dated 2009 July 1, at 100. Interest on the bonds is payable semiannually on July 1 and January 1. All of the bonds are registered. The company”s accounting period ends on March 31. Quarterly financial statements are prepared. The company deposits a sum of money sufficient to pay the semiannual interest on the bonds in a special checking account in First National Bank and draws interest payment checks on this account. The deposit is made the day before the checks are drawn. Prepare journal entries to record the issuance of the bonds; the December 31 adjusting entry; the 2010 January 1, interest payment; and the adjusting entry needed on 2010 March 31, to prepare quarterly financial statements.