ISSUING AT PAR, A PREMIUM, OR A DISCOUNT USING T-ACCOUNTS. Kartel Company is planning to issue 50

Question:

ISSUING AT PAR, A PREMIUM, OR A DISCOUNT USING T-ACCOUNTS.

Kartel Company is planning to issue 50 notes, each having a face amount of $10,000.

REQUIRED:

1. Prepare the T-account entry to record the sale of the notes at par.

2. Prepare the T-account entry to record the sale of the notes at a premium of $3,400.

3. Prepare the T-account entry to record the sale of the notes at a discount of $4,100.

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