Brief Exercise 10-08 Splish Brothers Inc. issues $257,000, 10-year, 8% bonds at 99. Prepare the journal...
Brief Exercise 10-08 Splish Brothers Inc. issues $257,000, 10-year, 8% bonds at 99. Prepare the journal entry to record the sale of these bonds on March 1, 2022.
Homework Answers
Par value of bonds = $257,000
Issue price of bonds = 99
Cash receipts from issue of bonds = 257,000 x 99%
= 254,430
Discount on bonds payable = Par value of bonds - Cash receipts from issue of bonds
= 257,000-254,430
= $2,570
| Date | Account Titles and Explanation | Debit | Credit |
| March 1, 2022 | Cash | $254,430 | |
| Discount on bonds payable | $2,570 | ||
| Bonds payable | $257,000 | ||
| ( To record issuance of bonds) |
| Account | Debit | Credit |
| Cash (257,000*99%) | 254,430 | |
| Discount on bonds payable | 2,570 | |
| Bonds payable | 257,000 |
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