Homework Answers
Journal Entries
Date Particulars Debit Credit
01-Jan Cash $12,000
Bonds payable $12,000
30-Jun Interest Expense $390
Cash $390
Explanation: interest = $12,000 x 6.5% x 6/12
Bond payable is a liability and cash goes down. Therefore, cash is debited and bonds payable is credited.
In the second entry, since payment of interest is an expense and all expenses are debited, therefore, interest expense is debited and cash goes down therefore, it is credited.
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