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Jun 12, 2006, 12:01 PM

thomastom

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Join Date: Jun 2006

Posts: 2

Entries for Bonds Payable Problem

This question asks to prepare journal entries for bonds payable

a)On april 10,2004 ABC issued $900,000,9% bonds for $968,163 inluding accrued interest. Interest payable annually on January 1, and the bonds mature on Jan 1, 2014.

This is what I put,
Interest Expense 900000
Interest Payable 968,163
Cash xxxxxxx

I am almost certain it is not right any help/comments/sample journal entries would be greatly appreciated

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