Pharoah Company issues $440,000, 10-year, 5% bonds at 96. Prepare the journal entry to record the...

Question

Question

Pharoah Company issues $440,000, 10-year, 5% bonds at 96. Prepare the journal entry to record the sale of these bonds on Marc

Answer 1

Answer #1

Date	Account title and explanation	Debit	Credit
Mar 1	Cash	$422,400	-
	Discount on bonds payable	$17,600	-
	Bonds payable	-	$440,000
	(To record issue of bonds at discount)

Answer 2

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