Question
Bonds with a face value of $1,000,000 are sold at 98. What is the journal entry to record the sale of the bonds? A) Cash1,000,000
Bonds with a face value of $1,000,000 are sold at 98. What is the journal entry to record the sale of the bonds?
A) Cash1,000,000
Gain on Sale of Bonds20,000
Bonds Payable980,000
B) Cash980,000
Loss on Sale of Bonds20,000
Bonds Payable1,000,000
C) Cash980,000
Bonds Payable980,000
D) Cash1,000,000
Bonds Payable1,000,000
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Management Accounting
Authors: Kim Langfield Smith, Helen Thorne, David Alan Smith, Ronald W. Hilton
7th Edition
978-1760421144, 1760421146
