____ 60. The journal entry a company records for the issuance of bonds when the contract rate is greater than the market rate would bea.debit Bonds Payable, credit Cashb.debit Cash and Discount on Bonds Payable, credit Bonds Payablec.debit Cash, credit Premium on Bonds Payable and Bonds Payabled.debit Cash, credit Bonds Payable____ 61. When using the Cost Method of accounting for equity Investments, the receipt of cash dividendsa.decreases the amount of the Dividend Revenueb.increases the amount of the Dividend Revenuec.decreases the amount of the Investment accountd.increases the amount of the Investment account

Bonds payable: Bonds payable is a liability to the company that needs to be paid to the holders of…

Answered: The journal entry a company records for…

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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____ 60. The journal entry a company records for the issuance of bonds when the contract rate is greater than the market rate would be

a.	debit Bonds Payable, credit Cash
b.	debit Cash and Discount on Bonds Payable, credit Bonds Payable
c.	debit Cash, credit Premium on Bonds Payable and Bonds Payable
d.	debit Cash, credit Bonds Payable

____ 61. When using the Cost Method of accounting for equity Investments, the receipt of cash dividends

a.	decreases the amount of the Dividend Revenue
b.	increases the amount of the Dividend Revenue
c.	decreases the amount of the Investment account
d.	increases the amount of the Investment account

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