Homework Answers
Journal entry
| date | Accounts | Debit | Credit |
| Jan 31 | Cash (12000000*.96) | 11520000 | |
| Discount on bonds payable | 480000 | ||
| Bonds payable | 12000000 | ||
| July 31 | Interest expense | 564000 | |
| Discount on bonds payable (480000/20) | 24000 | ||
| cash (12000000*9%*6/12) | 540000 | ||
| Dec 31 | Interest expense | 470000 | |
| Discount on bonds payable | 20000 | ||
| Interest payable | 450000 | ||
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