QUESTION 24 On January 1, 2015, a company issues 5-year bonds with a stated interest rate of 6% and records the following journal entry: Dr. Cash $480,000 Dr. Discount on bonds payable $20,000 Cr. Bonds payable $500,000 The bonds pay interest annually, on Dec. 31, which is when the company's fiscal year ends. The journal entry made on January 1, 2020, when the bonds mature will include: O a. A credit to cash for $480,000 and a debit to bonds payable for $500,000. O b. A credit to cash for $500,000 and a debit to bonds payable for $500,000. OC. A debit to cash for $500,000 and a credit to bonds payable for $500,000. Od. A debit to cash for $480,000 and a credit to bonds payable for $500,000.

QUESTION 24 On January 1, 2015, a company issues 5-year bonds with a stated interest rate of 6% and records the following journal entry: Dr. Cash $480,000 Dr. Discount on bonds payable $20,000 Cr. Bonds payable $500,000 The bonds pay interest annually, on Dec. 31, which is when the company's fiscal year ends. The journal entry made on January 1, 2020, when the bonds mature will include: O a. A credit to cash for $480,000 and a debit to bonds payable for $500,000. O b. A credit to cash for $500,000 and a debit to bonds payable for $500,000. OC. A debit to cash for $500,000 and a credit to bonds payable for $500,000. Od. A debit to cash for $480,000 and a credit to bonds payable for $500,000.

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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