Question

What would be the journal entries along with the debit/credit amounts?

Presented below is a partial amortization schedule for Discount Pizza (1) (2) (3) Cash Paid for Interest (4) Increase in Carrying Value Interest Expense Period Issue date Carrying Value $61,310 61,476 61,648 $1,980 1,980 $2,146 2,152 $166 172 Required: 1. & 2. Record the bond issue and first interest payment assuming the face amount of bonds payable is $66,000. (If no entry is required for a particular transaction/event, select "No Journal Entry Required in the first account field.) View transaction list View journal entry worksheet No Transaction General Journal General Jo Credit Debit 57,000 Cash Bonds Payable 57,000 2 3,990 Interest Expense Cash 3,990

Answer 1

Journal entry

No	Date	General Journal	Debit	Credit
1	Jan 1	Cash	61310
		Discount on bonds payable	4690
		Bonds payable		66000
2	June 30	Interest expense	2146
		Discount on bonds payable		166
		Cash		1980
3	Dec 31	Interest expense	2152
		Discount on bonds payable		172
		Cash		1980