The adjusted trial balance for Payne Corporation at the end of 2017 contained the following accounts: Bonds
Question:
The adjusted trial balance for Payne Corporation at the end of 2017 contained the following accounts:
Bonds payable, 10%, due 2020.............................................. $600,000
Bond interest payable............................................................. 20,000
Discount on bonds payable .................................................... 40,000
Lease liability(long-term) ...................................................... 60,000
Mortgage notes payable, 9%, due 2019 ................................. 80,000
Accounts payable ................................................................... 120,000
Notes payable, due 2018 ........................................................ 50,000
Notes payable, due 2020 ........................................................ 10,000
Prepare the long-term liabilities section of the balance sheet.
Accounting Principles Part 3
ISBN: 978-1118306802
6th Canadian edition Volume 1
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Kinnear, Joan E. Barlow