httpsedugen.wileyplus.com/edugen/Itil/main.uni-WileyPLUs Unit 7 & 8: WileyPlus F

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httpsedugen.wileyplus.com/edugen/Itil/main.uni-WileyPLUs Unit 7 & 8: WileyPlus Final Review Kimmel, Accounting, 6e Help I System Announcements Do It! Review 10-3a Blue Spruce Corp. issues $420,000 of bonds for $441,000. Prepare the journal entry to record the issuance of the bonds. (Credit account titles a manually.) Account Titles and Explanation Debit Credit Cash 481,200 Bonds Payable 481,200 SHOW LIST OF ACCOUNTS LINK TO TEXT Show how the bonds would be reported on the balance sheet at the date of issuance. BLUE SPRUCE CORP. Balance Sheet (Partial) 3p Click if you would like to Show Work for this question: Open Show Work

Explanation / Answer

Answer:-Journal entry for issue of bonds:-

Accounts Titles and explanation                                  Debit                               Credit        

            Cash A/c                                                          $441000

                    Bonds payable                                                                                   $420000

                    Premium on bonds payable                                                                 $21000

            (Being bonds issued at premium)   

                                 

BLUE SPRUCE CORP. Balance sheet (Partial) $ $ Long Term liabilities:- Bonds payable 420000 Add:- Premium on Bonds payable 21000 441000

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