Lopez corporation issues 500 10-year 8 1000 bonds dated, Ask an Expert

Accounting

Lopez Corporation issues 500, 10-year, 8%, $1,000 bonds dated January 1, 2007, at 96. The journal entry to record the issuance will show a:

a) debit to Cash of $500,000.

b) credit to Discount on Bonds Payable for $20,000.

c) credit to Bonds Payable for $480,000.

d) debit to Cash for $480,000.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M982023

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