On October 1, 20XX, Bartley Corporation issued 5%, 10-year bonds with a face value of $500,000...
| On October 1, 20XX, Bartley Corporation issued 5%, 10-year bonds with a face value of $500,000 at $520,000. The entry to record the issuance of the bonds would include a |
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Homework Answers
| Date | Accounts titles and explanation | Debit | Credit |
| Oct. 1 | Cash | $520,000 | |
| ... Premium on bonds payable | $20,000 | ||
| ... Bonds payable | $500,000 | ||
| (To record the issuance of bond at premium) |
Credit of $20,000 to premium on Bonds payable is the correct answer.
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On October 1, 20XX, Bartley Corporation issued 5%,
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