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Bond Corporation issues 5,000, 10-year, 8%, $1,000 bonds dated January 1, 2017, at 103.The journal entry to record the issuance will show a C. Credit to Bonds Payable for $5,030,000.
What journal entry means?
All company transactions are documented in journal entries. Any financial activity that has an effect on the firm is a transaction, in the broadest sense. They encompass every transaction involving the exchange of money, including interest payments, depreciation, costs, and payroll. They are not just restricted to the purchasing and selling of goods and services.
A journal entry is the act of recording any transaction, whether one that is economic or not. An accounting diary that displays the debit and credit balances of a corporation lists transactions. Multiple recordings, each of which is either a debit or a credit, may be included in the journal entry.
To know more about transactions, refer:
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