Homework Answers
When bond stated rate of interest and market rate of interest is equal then bond is issued at par
| Date | General Journal | Debit | Credit |
| May 1 | Cash | 10000 | |
| Bonds payable | 10000 | ||
| (To record bond issue) | |||
| Oct 31 | Interest expense (10000*6.25%*6/12) | 313 | |
| Interest payable | 313 | ||
| (To record accrued interest) | |||
| Nov 1 | Interest payable | 313 | |
| Cash | 313 | ||
| (To record payment of interest) | |||
| Bonds payable | 10000 | ||
| Cash | 10000 | ||
| (To record bond maturity) | |||
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