Kemper Company plans to issue 6% bonds on January 1, 2011, with a par value of $

Question

Kemper Company plans to issue 6% bonds on January 1, 2011, with a par value of $1,000,000. The company sells $900,000 of the bonds on January 1, 2011. The remaining $100,000 sells at par on March 1, 2011. The bonds pay interest semiannually as of June 30 and December 31.

Record the entry for the March 1 cash sale of bonds

Kemper Company plans to issue 6% bonds on January 1, 2011, with a par value of $1,000,000. The company sells $900,000 of the bonds on January 1, 2011. The remaining $100,000 sells at par on March 1, 2011. The bonds pay interest semiannually as of June 30 and December 31.

Record the entry for the March 1 cash sale of bonds

Explanation / Answer

DR Cash 101,000

CR Accrued Interest 1,000

CR Bonds Payable 100,000

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