Novak Corp. issues $355,000 of bonds for $372,750. Account Titles and Explanatio

Question

Novak Corp. issues $355,000 of bonds for $372,750.

Account Titles and Explanation

Debit

Credit

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NOVAK CORP.
Balance Sheet (Partial)

Novak Corp. issues $355,000 of bonds for $372,750.

Prepare the journal entry to record the issuance of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Account Titles and Explanation

Debit

Credit

LINK TO TEXT

Show how the bonds would be reported on the balance sheet at the date of issuance.

NOVAK CORP.
Balance Sheet (Partial)

Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Stockholders' Equity

$

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:

$

Explanation / Answer

Journal entries :

Show how the bonds would be reported on the balance sheet at the date of issuance.

date accounts & explanation debit credit Cash a/c 372750 Bonds payable a/c 355000 Premium on bonds payable a/c 17750 (To record issuance of bonds payable)

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