Answered Essay: On the first day of the current fiscal year, $1,500,000 of 10-year, 8% bonds, with interest payable semiannually, were sold for

On the first day of the current fiscal year, $1,500,000 of 10-year, 8% were sold for $1,225,000. Present entries to record the following transactions for the current fiscal year (a) Issuance of the bonds. (b) First semiannual interest payment bonds, with interest payable semiannually,

On the first day of the current fiscal year, $1,500,000 of 10-year, 8% bonds, with interest payable semiannually, were sold for $1,225,000. Present entries to record the following transactions for the current fiscal year. (a) Issuance of the bonds. (b) First semiannual interest payment

Expert Answer

 

Transaction Particulars Amount Dr. Amount Cr.
Issuance of Bond Bank Account Dr. 1225000
Discount on Issue of Bonds Dr 275000
To 8% Bonds Payable Account 1500000
(Being bonds issues recorded)
Semi Annual Interest Payment Interest Expense Account Dr. 60000
To Interest Payable Account 60000
(Being Interest recorded)
Payment Recorded Interest Payable Account Dr. 60000
To Bank Account 60000
(Being Payment made)
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