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How do you record the issuance of bonds?

4 Bonds Payable On March 1, 2011, T & T Corporation issued a $700,000 of its 8 percent five-year bonds. I?

  • 4 Bonds Payable On March 1, 2011, T & T Corporation issued a $700,000 of its 8 percent five-year bonds. Interest is paid semi-annually on March 1 and September 1. The bonds were sold for $670,000. a. Record the issuance of the bonds on March 1. DATE DESCRIPTION PR DEBIT CREDIT Mar 1 b. Record the semi-annual interest payment to bondholders on September 1. DATE DESCRIPTION PR DEBIT CREDIT Sep 1 c. Record the semi-annual amortization of the bond discount using the straight-line method. DATE DESCRIPTION PR DEBIT CREDIT Sep 1

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