Brief Exercise 10-11 Nasreen Company issues $2 million, 10-year, 8% bonds at 97,

Question

Brief Exercise 10-11 Nasreen Company issues $2 million, 10-year, 8% bonds at 97, with interest payable each January 1. Prepare the journal entry to record the sale of these bonds on January 1, 2019. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit an. 1 SHOW LIST OF ACCOUNTS LINK TO TEXT VIDEO TUTORIAL Assuming instead that the above bonds sold for 104, prepare the journal entry to record the sale of these bonds on January 1, 2019. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Date Account Titles and Explanation Debit Credit Jan. 1

Explanation / Answer

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Date Account Titles and Explanation Debit Credit Jan. 1 Cash (2 x 97) 194 Discount on Bonds Payable (2 x 3) 6       Bonds Payable (2 x 100) 200

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