The Balance in the Bonds Payable Account Is a Credit

question 127

True/False

The balance in the Bonds payable account is a credit of $50,000.The balance in the Discount on bonds payable account is a debit of $1,500.The bond carrying amount is $51,500.

---

Definitions:

Journal Entries

The record of financial transactions in the accounting books, capturing debits and credits for each transaction to maintain accurate financial statements.

Salaries Earned

Compensation that employees have earned during a specific period but have not yet been paid.

Workweek

A fixed, recurring period used to measure a worker's or business's hours worked, often consisting of five to seven consecutive days.

Accounting Period

A specific time frame in which financial transactions are recorded and financial statements are prepared, typically a year or a quarter.