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On the first day of the fiscal year, a company issues a $749,000, 7%, five-year...

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Accounting

On the first day of the fiscal year, a company issues a $749,000, 7%, five-year bond that pays semi-annual interest of $26,215 ($749,000 x 7% x 1/2), receiving cash of $704,100. Journalize the entry to record the first interest payment and the amortization of the related bond discount for the six-month period using the straight-line method.

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If an amount box does not require an entry, leave it blank, or enter zero "0".

Bonds Payable

Cash

Discount on Bonds Payable

Interest Expense

Premium on Bonds Payable

Correct 2

Correct 3

Correct 4

Bonds Payable

Discount on Bonds Payable

Interest Expense

Interest Payable

Interest Revenue

Correct 5

Correct 6

Correct 7

Bonds Payable

Cash

Interest Expense

Notes Payable

Premium on Bonds Payable

Correct 8

Correct 9

Correct 10

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