Riot Company issued $500,000, 15-year, 7% bonds at 96 Prepare the journal entry

Question

Riot Company issued $500,000, 15-year, 7% bonds at 96 Prepare the journal entry to record the sale of these bonds on January 1, 2014. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanatiorn Jan. 1 Debit Credit SHOW LIST OF ACCOUNTS LINK TO TEXT VIDEO: SKILL-BUILDING Suppose the remaining Discount on Bonds Payable was $12,000 on December 31, 2019. Show the balance sheet presentation on this date. RIOT COMPANY Balance Sheet (Partial) December 31, 2019

Explanation / Answer

Journal entry :

Balance sheet presentation :

Date accounts & explanation debit credit Cash (500000*96%) 480000 Discount on bonds payable 20000 Bonds payable 500000 (To record issue bonds payable)

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