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Answer:
Cr Bonds Payable account 50,000
Cr Premium on Bonds Payable account 2,000
Explanation:
The complete journal record should be:
- Dr Cash account 52,000
- Cr Bonds Payable account 50,000
- Cr Premium on Bonds Payable account 2,000
Since cash is an asset and it increases, it should be debited.
Since bonds payable and premium on bonds payable are liabilities and they increase, they should be credited.
The appropriate journal entry to record the transactions is: Debit Cash $7,840; Debit Sales discount $160; Credit Account receivable $8,000.
<h3 /><h3>Journal entry</h3>
The correct entry to record the transaction is:
November 17
Debit Cash $7,840
(98%×$8000)
Debit Sales discount $160
(2%×$8000)
Credit Account receivable $8,000
Therefore the appropriate journal entry to record the transactions is: Debit Cash $7,840; Debit Sales discount $160; Credit Account receivable $8,000.
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