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A $1,550,000 bond issue on which there is an unamortized premium of $73,900 is r

ID: 2566735 • Letter: A

Question

A $1,550,000 bond issue on which there is an unamortized premium of $73,900 is redeemed for $1,599,400.

Journalize the redemption of the bonds. Refer to the Chart of Accounts for exact wording of account titles.

CHART OF ACCOUNTSGeneral Ledger

ASSETS 110 Cash 111 Petty Cash 121 Accounts Receivable 122 Allowance for Doubtful Accounts 126 Interest Receivable 127 Notes Receivable 131 Merchandise Inventory 141 Office Supplies 191 Land 194 Office Equipment 195 Accumulated Depreciation-Office Equipment

Explanation / Answer

Bonds payable 1550000 Premium on Bonds Payable 73900          Cash 1599400           Gain on Redemption of Bonds 24500

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