Question: Marigold Corp. has issued three different bonds during 2019. Interest is payable annually on each of these bonds. On January 1, 2019, 1,200, 996, 5-year,

 Marigold Corp. has issued three different bonds during 2019. Interest is

Marigold Corp. has issued three different bonds during 2019. Interest is payable annually on each of these bonds. On January 1, 2019, 1,200, 996, 5-year, $1,000 bonds dated January 1, 2019, were issued at face value. On July 1, $837,000, 10%, 5-year bonds dated July 1, 2019, were issued at 101. On September 1, $317,000, 896, 5-year bonds dated September 1, 2019, were issued at 98. 1. 2. Prepare the journal entries to record each bond transaction at the date of issuance. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation No. 1.1 Jan. 1 llCash 1000 Bonds Payable 1000 2. July 1 Cash 845370 8370 Premium on Bonds Payable Bonds Payable 837000 3. Sept. 1[Cash 310660 6340 Discount on Bonds Payable 317000 Bonds Payable

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!