Sealy Corporation issues 1,000, 10-year, 8%, $1,000 bonds dated January 1, 2021, at 97. The journal entry to record the issue will show a a. credit to Discount on Bonds Payable for $30,000. b. credit to Bonds Payable for $1,000,000. Oc. debit to Cash for $970,000. d. debit to Cash for $1,000,000.
Sealy Corporation issues 1,000, 10-year, 8%, $1,000 bonds dated January 1, 2021, at 97. The journal entry to record the issue will show a a. credit to Discount on Bonds Payable for $30,000. b. credit to Bonds Payable for $1,000,000. Oc. debit to Cash for $970,000. d. debit to Cash for $1,000,000.
Chapter13: Long-term Liabilities
Section: Chapter Questions
Problem 17MC: Huang Inc. issued 100 bonds with a face value of $1,000 and a 5-year term at $960 each. The journal...
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