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Debenture bonds?
a corporation has a new issuance of 5-year, 10% debenture bonds with a par value of $600000 dated may 1st of the current year. the bonds will pay semi-annual interest payment on october 31 and april 30. the bonds are issued at par on spetember 1 of the current year for cash.
What is the correct journal entry for the issuance of these bonds on september 1?
1 Answer
- Rigal TLv 67 years agoFavorite Answer
DR cash 605000
CR bonds payable(or whichever account they are using) 600000
CR interest payable 5000
To account for the 1 month between dated and issue.
