Question: Please explain, trying to see what im doing wrong. Instructions An $800,000 bond issue on which there is an unamortized premium of $57,000 is redeemed
Instructions An $800,000 bond issue on which there is an unamortized premium of $57,000 is redeemed for $785,000. Journalize the redemption of the bonds. Refer to the Chart of Accounts for exact wording of account titles. Journal Journalize the redemption of the bonds on December 31. Refer to the Chart of Accounts for exact wording of account titles. How does grading work? JOURNAL Score: 42/49 DATE DESCRIPTION POST. REF DEBIT CREDIT 1 Dec. 31 Bonds Payable 200,000.00 2 Premium on Bonds Payable 57,000.00 5 Cash 785,000.00 4 Gain on Redemption of Bonds
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