Assume that the bonds are sold for $975 each. Prepare the entry to recognize the

Question

Assume that the bonds are sold for $975 each. Prepare the entry to recognize the sale of the 750 bonds. If an amount box does not require an entry, leave it blank.

Journal

Account and Explanation

Debit

Credit

Bonds Payable

Cash

Interest Expense

Interest Payable

Premium on Bonds Payable

Correct 6 of Item 2

Correct 7 of Item 2

Correct 8 of Item 2

Bonds Payable

Discount on Bonds Payable

Interest Expense

Interest Payable

Premium on Bonds Payable

Correct 9 of Item 2

Correct 10 of Item 2

Correct 11 of Item 2

Bonds Payable

Cash

Discount on Bonds Payable

Interest Expense

Interest Payable

Premium on Bonds Payable

Correct 12 of Item 2

Correct 13 of Item 2

Correct 14 of Item 2

Record issuance of bonds at discount

6. Assume that the bonds are sold for $1,015 each. Prepare the entry to recognize the sale of the 750 bonds. If an amount box does not require an entry, leave it blank.

Journal

Account and Explanation

Debit

Credit

Bonds Payable

Cash

Discount on Bonds Payable

Interest Expense

Premium on Bonds Payable

Correct 6 of Item 3

Correct 7 of Item 3

Correct 8 of Item 3

Cash

Discount on Bonds Payable

Interest Expense

Interest Payable

Premium on Bonds Payable

Correct 9 of Item 3

Correct 10 of Item 3

Correct 11 of Item 3

Bonds Payable

Cash

Discount on Bonds Payable

Interest Expense

Interest Payable

Correct 12 of Item 3

Correct 13 of Item 3

Correct 14 of Item 3

Record issuance of bonds at premium

Journal

Account and Explanation

Debit

Credit

Bonds Payable

Cash

Interest Expense

Interest Payable

Premium on Bonds Payable

Correct 6 of Item 2

Correct 7 of Item 2

Correct 8 of Item 2

Bonds Payable

Discount on Bonds Payable

Interest Expense

Interest Payable

Premium on Bonds Payable

Correct 9 of Item 2

Correct 10 of Item 2

Correct 11 of Item 2

Bonds Payable

Cash

Discount on Bonds Payable

Interest Expense

Interest Payable

Premium on Bonds Payable

Correct 12 of Item 2

Correct 13 of Item 2

Correct 14 of Item 2

Record issuance of bonds at discount

6. Assume that the bonds are sold for $1,015 each. Prepare the entry to recognize the sale of the 750 bonds. If an amount box does not require an entry, leave it blank.

Journal

Account and Explanation

Debit

Credit

Bonds Payable

Cash

Discount on Bonds Payable

Interest Expense

Premium on Bonds Payable

Correct 6 of Item 3

Correct 7 of Item 3

Correct 8 of Item 3

Cash

Discount on Bonds Payable

Interest Expense

Interest Payable

Premium on Bonds Payable

Correct 9 of Item 3

Correct 10 of Item 3

Correct 11 of Item 3

Bonds Payable

Cash

Discount on Bonds Payable

Interest Expense

Interest Payable

Correct 12 of Item 3

Correct 13 of Item 3

Correct 14 of Item 3

Record issuance of bonds at premium

Explanation / Answer

Assume that the bonds are sold for $975 each. Prepare the entry to recognize the

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