Ask Experts Questions for FREE Help !
Ask
    adamjano's Avatar
    adamjano Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Sep 26, 2007, 03:12 PM
    Journalizing Entries
    The question I have is about how to journalize a specific business transaction. There is no monetary number given, just x, but I don't know how to journalize it. The transaction is : " Gateway repaid $X in the principle of the Bond Payable." I don't understand that?
    CaptainForest's Avatar
    CaptainForest Posts: 3,645, Reputation: 393
    Ultra Member
    		  
    #2

    Sep 26, 2007, 04:58 PM
    When you pay back a Bond…the JE is:

    Dr. Bonds Payable
    Dr. Interest Expense
    Cr. Cash
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Journalizing transactions [ 2 Answers ]

1.Paid $1400 for salaries due employees of which $900 is for September 2. Paid creditors $4500 on account 3. Perfromed services on account and billed customer for services provided $1500 4. Received $650 from customers for future services

Journalizing adjustign entries [ 2 Answers ]

Purchased a new deluxe Van to transport company executives to opening night performances. Total cost $63900. Made a 30% cash payment and obtained a bank loan from the TD bank for the balance. Interest rate is 8.5%

Journalizing Entries for returned/damaged goods. [ 2 Answers ]

I am just a bit confused on this. Here is the problem. Damaged goods totaling $300 are returned. The scrap value of these goods is $150 Now looking back in the book, it says: If goods are returned because they are damaged the entries should be made for their estimated value. So far I have...

I Need Help Journalizing These Entries [ 1 Answers ]

I need help journalizing these two entries: If you can help, please let me know MAY 1 2006 23. Served as a disc jockey for a party for $1,560. Received $400, with the remainder due on June 4, 2006. 30. Served as a disc jockey for a charity ball for $1200. Received $600, with the...

View more questions Search