Knowledge Check 01 On January 1, Duffy Enterprises issued $100,000 in bonds that mature in 10 years. The bonds were issued at face value. The bonds have a stated interest rate of 8% and pay interest once per year on December 31. Prepare the appropriate journal entry to record the issuance of the bonds. (If no entry is required for a transaction/event, select "No ournal Entry Required" in the first account field.) View transaction list View journal entry worksheet No 1 Transaction A Gain on Bond Retirement Interest Expense General Journal Debit 104,000 Credit ******** ********
Knowledge Check 01 On January 1, Duffy Enterprises issued $100,000 in bonds that mature in 10 years. The bonds were issued at face value. The bonds have a stated interest rate of 8% and pay interest once per year on December 31. Prepare the appropriate journal entry to record the issuance of the bonds. (If no entry is required for a transaction/event, select "No ournal Entry Required" in the first account field.) View transaction list View journal entry worksheet No 1 Transaction A Gain on Bond Retirement Interest Expense General Journal Debit 104,000 Credit ******** ********
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter10: Long-term Liabilities
Section: Chapter Questions
Problem 10.8MCP
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![Knowledge Check 01
On January 1, Duffy Enterprises issued $100,000 in bonds that mature in 10 years. The bonds were issued at face value. The bonds
have a stated interest rate of 8% and pay interest once per year on December 31.
Prepare the appropriate journal entry to record the issuance of the bonds. (If no entry is required for a transaction/event, select "No
Journal Entry Required" in the first account field.)
-
View transaction list View journal entry worksheet
No
1
Transaction
A
Gain on Bond Retirement
Interest Expense
General Journal
Debit
104,000
Credit
8,000
Ⓒ](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F1de48ccf-b028-4e91-916b-bb0b56d3b80f%2Fd87b3759-b709-4a4f-9628-188918dbc212%2F76tyfwt_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Knowledge Check 01
On January 1, Duffy Enterprises issued $100,000 in bonds that mature in 10 years. The bonds were issued at face value. The bonds
have a stated interest rate of 8% and pay interest once per year on December 31.
Prepare the appropriate journal entry to record the issuance of the bonds. (If no entry is required for a transaction/event, select "No
Journal Entry Required" in the first account field.)
-
View transaction list View journal entry worksheet
No
1
Transaction
A
Gain on Bond Retirement
Interest Expense
General Journal
Debit
104,000
Credit
8,000
Ⓒ
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