The balance sheet for reading company reports the following, Ask an Expert

Accounting

The balance sheet for Reading Company reports the following information on July 1, 2010.

READING COMPANY

Balance Sheet (partial)

Long-term liabilities

Bonds payable $2,000,000

Less: Discount on bonds payable 30,000

$1,970,000

Reading decides to redeem these bonds at 102 after paying annual interest. Prepare the journal entry to record the redemption on July 1, 2010. (List multiple debit/credit entries from largest to smallest amount, e.g. 10, 5, 2.)

Jul 1 Date Account/Description/ Debit/ Credit

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9277325

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