On July 1, 2007, Whitten Corporation sold $1,000,000, 10 year, 8% bonds at 101 . The journal entry to record this transaction is debit Cash $1,010,000; credit Bonds Payable $1,010,000. debit Bonds Payable $1,000,000; debit Premium on Bonds Payable $10,000; credit Cash $1,010,000. debit Cash $1,000,000; debit Premium on Bonds Payable $10,000; credit Bonds Payable $1,010,000. debit Cash $1,010,000; credit Bonds Payable $1,000,000; credit Premium on Bonds Payable $10,000