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Tomasovich Inc. issued bonds with a face value of $ 100,000 and a stated rate of 8%. Tomasovich received $102,500. The journal entry to record this transaction includes Group of answer choices a credit to Bonds Payable for $102, 500 a credit to cash for $102, 500 a debit to cash for $100,000 a credit to Premium on Bonds Payable for $2,500

Tomasovich Inc. issued bonds with a face value of $ 100,000 and a stated rate of 8%. Tomasovich received $102,500. The journal entry to record this transaction includes Group of answer choices a credit to Bonds Payable for $102, 500 a credit to cash for $102, 500 a debit to cash for $100,000 a credit to Premium on Bonds Payable for $2,500

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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Tomasovich Inc. issued bonds with a face value of $ 100,000 and a stated rate of 8%. Tomasovich received $102,500. The journal entry to record this transaction includes Group of answer choices a credit to Bonds Payable for $102, 500 a credit to cash for $102, 500 a debit to cash for $100,000 a credit to Premium on Bonds Payable for $2,500
Transcribed Image Text:Tomasovich Inc. issued bonds with a face value of $ 100,000 and a stated rate of 8%. Tomasovich received $102,500. The journal entry to record this transaction includes Group of answer choices a credit to Bonds Payable for $102, 500 a credit to cash for $102, 500 a debit to cash for $100,000 a credit to Premium on Bonds Payable for $2,500
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