Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Management Posted 20 Feb 2018 My Price 4.00

Gridley Company

Gridley Company issued $820,000, 8%, 10-year bonds on December 31, 2016, for $750,000. Interest is payable annually on December 31. Gridley Company uses the straight-line method to amortize bond premium or discount.

Date Account Titles and Explanation Debit Credit
Dec. 31, 2016 Cash 750,000  
  Discount on Bonds Payable 70,000  
  Bonds Payable   820,000

Prepare the journal entry to record the payment of interest and the discount amortization on December 31, 2017.

Date Account Titles and Explanation Debit Credit
Dec. 31, 2017 Interest Expensee    
  Discount on Bonds Payable    
  Cash

 

Answers

Maurice Tutor
(5)
Status NEW Posted 20 Feb 2018 07:02 PM My Price 4.00

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