Prepare all the necessary journal entries to record the issuance of the bonds and bond interest expense for 2022, assuming that the bonds sold at 98. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation n. 1, 2022 Cash Discount on Bonds Payable Bonds Payable 31, 2022 Interest Expense Discount on Bonds Payable Interest Payable Debit 2,910,600 59,400 279,180 Credit 2,970,000 11,880 267,300
Prepare all the necessary journal entries to record the issuance of the bonds and bond interest expense for 2022, assuming that the bonds sold at 98. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation n. 1, 2022 Cash Discount on Bonds Payable Bonds Payable 31, 2022 Interest Expense Discount on Bonds Payable Interest Payable Debit 2,910,600 59,400 279,180 Credit 2,970,000 11,880 267,300
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Prepare all the necessary journal entries to record the issuance of the bonds and bond interest expense for 2022, assuming that
the bonds sold at 98. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal
entries in the order presented in the problem.)
Date
Account Titles and Explanation
n. 1, 2022
Cash
Discount on Bonds Payable
Bonds Payable
31, 2022
Interest Expense
Discount on Bonds Payable
Interest Payable
Debit
2,910,600
59,400
279,180
Credit
2,970,000
11,880
267,300
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