Homework Answers
Solution:
| Journal Entries - Wookie Company | |||
| Date | Particulars | Debit | Credit |
| 1-Jan | Cash Dr | $103,011.00 | |
| To Bond Payable | $95,000.00 | ||
| To Premium on Bond Payable | $8,011.00 | ||
| (To record issue of bond at premium) | |||
| 30-Jun | Interest Expense Dr | $3,949.00 | |
| Premium on bond payable Dr | $801.00 | ||
| To Cash | $4,750.00 | ||
| (To record interest payment and premium amortization) | |||
| 31-Dec | Interest Expense Dr | $3,949.00 | |
| Premium on bond payable Dr | $801.00 | ||
| To Cash | $4,750.00 | ||
| (To record interest payment and premium amortization) | |||
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