The balance sheet for Miley Consulting reports the following information on July 1, 2020. Long-term liabilities Bonds payable $1,000,000 Less: Discount on bonds payable 60,000 $940,000 Miley decides to redeem these bonds at 101 after paying annual interest. Prepare the journal entry to record the redemption on July 1, 2020. What is the account title or explanation? what is debit or credited ?
The balance sheet for Miley Consulting reports the following information on July 1, 2020. Long-term liabilities Bonds payable $1,000,000 Less: Discount on bonds payable 60,000 $940,000 Miley decides to redeem these bonds at 101 after paying annual interest. Prepare the journal entry to record the redemption on July 1, 2020. What is the account title or explanation? what is debit or credited ?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The
| Long-term liabilities | ||||
| Bonds payable | $1,000,000 | |||
| Less: Discount on bonds payable | 60,000 | $940,000 |
Miley decides to redeem these bonds at 101 after paying annual interest.
Prepare the
What is the account title or explanation?
what is debit or credited ?
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