ecorded as: Multiple Cholce Debit Cash $3,700,000; credlt Bonds Payable $3,700,000. Debit Cash $3,448,582; credit Bonds Payable $3,448,582. Debit Cash $3,700,000; credit Bonds Payable $3,448,582; credit Discount on Bonds Payable $251,418. Debit Cash $3,448,582; debit Discount on Bonds Payable $251,418; credit Bonds Payable $3,700,000. Debit Cash $3,448,582; debit Interest Expense $251,418; credit Bonds Payable $3,700,000