Accounting 102 Bond Journal Entries

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13 Terms

1
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Face Issuance

Dr. Cash

Cr. Bonds Payable

2
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Face interest expense and amortization

Dr. Interest expense

Cr. Cash

3
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Face retirement

Dr. Bonds payable

Cr.Cash

4
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Discount Issuance

Dr. Cash

Dr. Discount on Bonds Payable

Cr. Bonds Payable

5
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Discount Interest expense and amortization

Dr. Interest expense

Cr. Discount on Bonds Payable

Cr. Cash

6
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Discount Retirement

Dr. Bonds payable

Cr. Cash

7
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Premium Issuance

Dr. Cash

Cr. Premium on Bonds Payable

Cr. Bonds Payable

8
New cards

Premium Interest expense and amortization

Dr. Interest expense

Dr. Premium on bonds payable

Cr. Cash

9
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Premium retirement

Dr. Bonds payable

Cr. Cash

10
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Face Early Redemption

Dr. Bonds payable

Cr. Cash

(Cr. Gain on Redemption or Dr. Loss on redemption)

11
New cards

Discount early redemption

Dr. Bonds payable

Cr Discount on bonds payable

Cr. Cash

(Dr. Loss or Cr. gain)

12
New cards

Premium early redemption

Dr. Bonds payable

Dr. Premium on bonds payable

Cr. Cash

(Cr. gain dr. loss)

13
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Carrying value =

Face value (+ premium) or (- discount)