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  3. on december 1, somart issues $41,500 of 8-year, 6%

On December 1, Somart issues $41,500 of 8-year, 6% bonds for $39,840. Interest is payable...

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Accounting

On December 1, Somart issues $41,500 of 8-year, 6% bonds for $39,840. Interest is payable annually on May 1.
a. Record the issuance of the bonds on December 1.(List debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Date Account Titles and Explanation
Debit
Credit
Dec. 1
b. Show how the bonds will be reported if a balance sheet was prepar the date of issue.as
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