The journal entry to record the cash payment of interest on the due date increases...
80.2K
Verified Solution
Link Copied!
Question
Accounting
The journal entry to record the cash payment of interest on the due date increases interest expense and decreases the discount on bonds payable account, a contra-liability account. Decreasing a contra liability account increases the book value of the bonds. Rounding calculations to the nearest whole dollar, which of the following journal entries correctly records the 2019 interest expense? Select one: Interest expense 700 Cash 700 Db Interest expense 676 Bond discount 24 Cash 700 Interest expense 773 Bond discount 73 Cash 700 883 o d. Interest expense Bond discount Cash 183 700
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
