Required: a. Prepare the journal entry to issue $100,000 bonds that sold for $94,000.* b. Prepare...
Required: a. Prepare the journal entry to issue $100,000 bonds that sold for $94,000.* b. Prepare the journal entry to issue $100,000 bonds that sold for $104,000.* *Refer to the Chart of Accounts for exact wording of account titles.
Homework Answers
a) Journal entry
| Date | account and explanation | Debit | Credit |
| Cash | 94000 | ||
| Discount on bonds payable | 6000 | ||
| Bonds payable | 100000 | ||
| (To record bond issue) |
b) Journal entry
| Date | account and explanation | Debit | Credit |
| Cash | 104000 | ||
| Premium on bonds payable | 4000 | ||
| Bonds payable | 100000 | ||
| (To record bond issue) |
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