Sheridan Company issues $3,000,000, 10-year, 9% bonds at 98, with interest payable each January 1. Prepare...
Sheridan Company issues $3,000,000, 10-year, 9% bonds at 98, with interest payable each January 1.
Prepare the journal entry to record the sale of these bonds on January 1, 2020.
Assuming instead that the above bonds sold for 107, prepare the journal entry to record the sale of these bonds on January 1, 2020.
Homework Answers
| Account | Debit | Credit |
|---|---|---|
| Cash (3,000,000*98%) | 2,940,000 | |
| Discount on bonds payable | 60,000 | |
| Bonds payable | 3,000,000 |
.
| Cash | 3,210,000 | |
| Premium on Bonds Payable | 210,000 | |
| Bonds payable | 3,000,000 |
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