The Miracle Corporation issues $1,000,000, 10-year, 8% bonds at 96. The journal entry to record the issuance will show a:
A) debit to Discount on Bonds Payable for $40,000.
B) debit to Cash of $1,000,000.
C) credit to Bonds Payable for $960,000.
D) credit to Cash for $960,000.
Correct Answer:
Verified
Q28: Victor Corporation issues $1,000,000, 10-year, 8% bonds
Q29: Bonds with a face amount $1,000,000,
Q30: Which of the following statements regarding contingent
Q31: Barnes Company issued $500,000 of bonds for
Q32: If bonds are issued at 101.25, this
Q35: On January 2, 2012, Senate Inc. issued
Q37: Which of the following would describe a
Q38: Which of the following accounts would not
Q89: If bonds were initially issued at a
Q118: If the market rate of interest is
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents