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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

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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 "Cash flows from financing activities" section of the statement of cash flows, assuming no gain or loss on retiring the bonds:

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
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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