Homework Answers
Journal entry
| Date | account title and explanation | Debit | Credit |
| July 1 | Bonds payable | 1900000 | |
| Loss on redemption of bonds payable | 137750 | ||
| Discount on bonds payable | 42750 | ||
| Cash (1900000*1.05) | 1995000 | ||
| Date | Acct Title | Debit | Credit |
| July 1 | Bonds Payable | 1,900,00 | |
| Loss on Bond Redemption (1,995,000 - 1,857,250) | 137,750 | ||
| Discount on Bonds Payable | 42,750 | ||
| Cash (1,900,00 *1.05) | 1,995,000 |
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