Question

if an amount box does not require an entry, leave it blank. question content area a. prepare the journal entry to issue $500,000 bonds that sold for $490,000. blank - select - - select - - select - - select - - select - - select - question content area b. prepare the journal entry to issue $500,000 bonds that sold for $515,000.

Answer 1

A magazine access is used to file a commercial enterprise transaction within side the accounting facts of a commercial enterprise.

The required details for journal entry in given paragraph

a)Cash Account debited              $4,90,000

Discount on bonds payable     $10,000

To bonds payable credited                $5,00,000    (500000-490000)

b)Cash account debited                 $5,15,000

To Premium on bonds payable credited   $15,000

To Bonds payable credited                        $5,00,000 (500000+15000)                      

A magazine access is normally recorded within side the fashionable ledger; alternatively, it is able to be recorded in a subsidiary ledger this is then summarized and rolled ahead into the overall ledger. The fashionable ledger is then used to create economic statements for the commercial enterprise.

The common sense at the back of a magazine access is to file each commercial enterprise transaction in as a minimum places (called double access accounting).

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