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tivo tivo
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7 years ago
$500,000 of 8%, 10-year bonds were sold for $530,000 on January 1. The bonds require semiannual interest payments on June 30 and December 31. The entry to record the June 30 interest payment on the bonds would be to:
A) debit Interest Expense $18,500; debit Premium on bonds payable, $1,500; credit Cash, $20,000.
B) debit Interest Expense $18,500; credit Cash, $18,500.
C) debit Interest Expense $21,500; credit Premium on bonds payable, $1,500; credit Cash, $20,000.
D) debit Interest Expense $20,000; credit Cash, $20,000.
Textbook 
Financial Accounting

Financial Accounting


Edition: 3rd
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antonio_johnantonio_john
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Massachusetts Institute of Technology
-- Accounting

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tivo Author
wrote...
#2
7 years ago
I appreciate it once again, answered correctly
Anonymous
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#3
8 months ago
Help! The answer is missing an explanation...
wrote...
#4
8 months ago
Quote from: Anonymous (8 months ago)
$500,000 of 8%, 10-year bonds were sold for $530,000 on January 1.

It has definitely been a while since I've done this.

I have a similar question with its solution, hopefully it's enough for you to understand it?



Answer:



Good luck!
Massachusetts Institute of Technology
-- Accounting
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