Quail issued 200000 of its 10-year 12 bonds for 224924 on, Ask an Expert

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Quail issued $200,000 of its 10-year 12% bonds for $224,924 on October 1, 2010. The effective rate on the bonds was 10% and interest is paid each October 1 and April 1. Assuming Quail uses the effective interest method, the adjusting entry on December 31, 2010, would include a

A) Debit to Premium on Bonds for $1250

B) Credit to Interest Payable for $5,623

C) Credit to Interest Payable for $6,000

D) Debit to Interest Expense for $6,623

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9410896

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