The situations presented here are independent of each other. For each situation,
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Question
The situations presented here are independent of each other.For each situation, prepare the appropriate journal entry for the redemption of the bonds. The situations presented here are independent of each other.
For each situation, prepare the appropriate journal entry for the redemption of the bonds. Date Account Titles and Explanation Debit Credit Apr. 30 SHOW LIST OF ACCOUNTS SHOW LIST OF ACCOUNTS SHOW LIST OF ACCOUNTS Date Account Titles and Explanation Debit Credit Jun. 30 SHOW LIST OF ACCOUNTS SHOW LIST OF ACCOUNTS SHOW LIST OF ACCOUNTS
Exercise 10-14
The situations presented here are independent of each other.For each situation, prepare the appropriate journal entry for the redemption of the bonds.
Explanation / Answer
a) Journal entry :
b) Journal entry :
Date accounts & explanation debit credit Bonds payable 148000 Loss on redemption of bonds 17231 Discount on bonds payable 14271 Cash (148000*1.02) 150960 (TO record redemption of bonds)