ACCOUNT Bonds Payable ACCOUNT NO. Balance Date Item Debit Credit Debit Credit 1 Balance 2 Retire bonds 30 Issue bonds 750,000 600,000 Jan. 150,000 June 450,000 1,050,000 ACCOUNT Discount on Bonds Payable ACCOUNT NO. Balance Date Item Debit Credit Debit Credit 1 Balance 2 Retire bonds 30 Issue bonds 31 Jan. 33,750 12,000 21,750 June 30,000 51,750 Dec. Amortize discount 2,625 49,125
ACCOUNT Bonds Payable ACCOUNT NO. Balance Date Item Debit Credit Debit Credit 1 Balance 2 Retire bonds 30 Issue bonds 750,000 600,000 Jan. 150,000 June 450,000 1,050,000 ACCOUNT Discount on Bonds Payable ACCOUNT NO. Balance Date Item Debit Credit Debit Credit 1 Balance 2 Retire bonds 30 Issue bonds 31 Jan. 33,750 12,000 21,750 June 30,000 51,750 Dec. Amortize discount 2,625 49,125
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Reporting issuance and retirement of ling-term debt
On the basis of the details of the following bonds payable and related descount aacounts,indicates the items to be reported in the "

Transcribed Image Text:ACCOUNT Bonds Payable
ACCOUNT NO.
Balance
Date
Item
Debit
Credit
Debit
Credit
1 Balance
2 Retire bonds
30 Issue bonds
750,000
600,000
Jan.
150,000
June
450,000
1,050,000
ACCOUNT Discount on Bonds Payable
ACCOUNT NO.
Balance
Date
Item
Debit
Credit
Debit
Credit
1 Balance
2 Retire bonds
30 Issue bonds
31
Jan.
33,750
12,000 21,750
June
30,000
51,750
Dec.
Amortize discount
2,625
49,125
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