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The journal entry to record the issuing of 100 bonds at their $1,000 face value will include a debit to ______ and a credit to ______:
Cash; Bonds Payable
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Question & Answer: The journal entry to record the issuing of 100 bonds at their $1,000 face v…..
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Notes Payable; Cash
Cash; Bonds Receivable
Bonds Payable; Cash
Expert Answer
The journal entry to record the issuing of 100 bonds at their $1,000 face value :-
| Cash | 1000 | |
| Bonds payable | 1000 |
By issuing bonds, we receive cash therefore, cash is debited ( debit what comes in ) but we also generate a liability therefore, Bonds payable is credited. Since the bonds are issued at face value, therefore, no discount or premium is recorded.
The correct answer is Option A
