PRINTER VERSION BACK NEXT ES Practice Exercise 1 Swisher Company issued $1,840,0

Question

PRINTER VERSION BACK NEXT ES Practice Exercise 1 Swisher Company issued $1,840,000 of bonds on January 1, 2017 Prepare the journal entry to record the issuance of the bonds if they are issued at (1) 100, (2) 98, and (3) 105. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit dy UNTS TO TEXT Prepare the journal entry to record the redemption of the bonds at maturity, assuming the bonds were issued at 100. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) nu Account Titles and Explanation Debit Credit 28 0g F3 F4 FS F6

Explanation / Answer

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Recording on issuance of bonds No. Account title and explanation Debit Credit 1) Cash 1,840,000 Bonds Payable 1,840,000 (Bonds are issued at par and recorded) 2) Cash (1840000 × 98%) 1,803,200 Discount on Bonds Payable 36,800 Bonds Payable 1,840,000 3) Cash (1840000 × 105%) 1,932,000 Bonds Payable 1,840,000 Premium on Bonds Payable 92,000 Entry to record redemption of bond at maturity Bonds Payable . 1,840,000 Cash 1,840,000

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