n the balance sheet, the account, Premium on Bonds Payable, is: OA. classified as a liability account. OB. deducted from bonds payable. OC. added to bonds payable. OD. A and C
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- The Discount on Bonds Payable accounta. is an expense account.b. is a contra account to Bonds Payable.c. is expensed at the bond’s maturity.d. is a miscellaneous revenue account.On the balance sheet, the account Premium on Bonds Payable is: Select one: a. Added to Bonds Payable b. Added to Bond Interest Expense c. Deducted from Bond Interest Expense d. Deducted from Bonds PayableWhat type of account is Discount on Bonds Payable, and what is its normal balance?a. Adjusting account; Creditb. Reversing account; Debitc. Contra liability account; Debitd. Contra liability account; Credit
- The carrying value of Bonds Payable equalsa. Bonds Payable plus Discount on Bonds Payable.b. Bonds Payable minus Discount on Bonds Payable.c. Bonds Payable minus Premium on Bonds Payable.d. Bonds Payable plus Accrued Interest.The balance in Unamortized Premium on Bonds Payable should be O a. reported separately in the Current Liabilities section of the talance sheet. O b. added to the face amount of the related bonds payable on the balance sheet, O C. reported in the Paid-In Capital section of the balance sheet. Od. reported on the balance sheet as a deduction from the face amount of the related bonds payable.In the balance sheet, the account Discount on Bonds Payable is Group of answer choices added to bonds payable deducted from bonds payable classified as a stockholders equity account classified as an asset
- The journal entry a company makes for the payment of interest, interest expense, and amortization of bond premium is a.debit Interest Expense, credit Cash and Premium on Bonds Payable b.debit Interest Expense, credit Cash c.debit Interest Expense and Premium on Bonds Payable, credit Cash d.debit Interest Expense, credit Interest Payable and Premium on Bonds PayablePlease show the solutions from current/non-current liability to balances of carrying of bonds payable.The carrying value on bonds equals Bonds Payablea. minus Premium on Bonds Payable.b. plus Discount on Bonds Payable.c. plus Premium on Bonds Payable.d. minus Discount on Bonds Payable.e. both a and bf. both c and d
- What type of account is Premium on Bonds Payable? What is its normal balance? Is it added to or subtracted from the Bonds Payable account to determine the carrying amount?q3. For accounting purposes, interest expense recognized on bonds payable should be based on theA. effective interest rate, considering the issue price and the transaction costs.B. nominal interest rate.C. rate stated on the face of the bonds.D. market rate of interest on the reporting date.The discount on bonds payable or premium on bonds payable is shown on the balance sheet as an adjustment to bonds payable to arrive at the carrying value of the bonds. Indicate the appropriate addition or subtraction to bonds payable: Premium on Bonds Payable Deduct Add Deduct Add Discount on Bonds Payable Add Deduct Deduct Add
