Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. help save & exit on january 1, a company issue

Help Save & Exit On January 1, a company issued and sold a $407,000, 8%,...

80.2K

Verified Solution

Question

Accounting

image
Help Save & Exit On January 1, a company issued and sold a $407,000, 8%, 10-year bond payable, and received proceeds of $402000 Interest is payable each June 30 and December 31. The company uses the straight -ine method to amortize the discount. The journal entry to record the frst interest payment s: Multiple Choice Debit Bond Interest Expense $16,280 credit Cash $16,280. Debit Bond Interest Expense $16,030; debit Discount on Bonds Payable $250, credit Cash $16.280 Debit Bond Interest Expense $16,530, credit Cash $16.280. credit Discount on Bonds Payable $250 Debit Bond Interest Expense $16.280, debit Discount on Bonds Payable $250 credit Cash S16 530. Debit Bond Interest Expense $32,560, credit Cash $32,560.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students