Teal Mountain Inc. issues $259,000, 10-year, 8% bonds at 99. Prepare the journal

Question

Teal Mountain Inc. issues $259,000, 10-year, 8% bonds at 99. Prepare the journal entry to record the sale of these bonds on March 1, 2017.

List of accounts-

Accounts Payable
Accounts Receivable
Accumulated Depreciation-Equipment
Accrued Pension Liability
Bonds Payable
Buildings
Cash
Common Stock
Cost of Goods Sold
Current Portion of Long-Term Debt
Depreciation Expense
Discount on Bonds Payable
Dividends
Equipment
Federal Income Taxes Payable
Federal Unemployment Taxes Payable
FICA Taxes Payable
Gain on Bond Redemption
Income Tax Expense
Income Taxes Payable
Insurance Expense
Interest Expense
Interest Payable
Inventory
Land
Loss on Bond Redemption
Mortgage Payable
No Entry
Notes Payable
Other Operating Expenses
Payroll Tax Expense
Premium on Bonds Payable
Prepaid Insurance
Property Taxes Payable
Retained Earnings
Salaries and Wages Expense
Salaries and Wages Payable
Sales Revenue
Sales Taxes Payable
Service Revenue
Share Premium-Conversion Equity
State Income Taxes Payable
State Unemployment Taxes Payable
Subscription Revenue
Ticket Revenue
Unearned Rent Revenue
Unearned Sales Revenue
Unearned Service Revenue
Unearned Subscription Revenue
Unearned Ticket Revenue
Union Dues Payable
Warranty Liability

account titles and explation debit credit

Explanation / Answer

Journal entry :

Date accounts & explanation debit credit Mar 1,2017 Cash (259000*99/100) 256410 Discount on bonds payable 2590     Bonds payable 259000 (To record bond issue)

Related Questions

Navigate

• Browse (All)
• Browse T
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.