Thunder Corporation Is Authorized to Issue $500,000 of 6 Percent,10-Year

question 83

Multiple Choice

Thunder Corporation is authorized to issue $500,000 of 6 percent,10-year bonds dated July 1,2014,with interest payments on December 31 and June 30.When the bonds are issued on November 1,2014,Thunder Corporation receives cash of $515,000,including accrued interest.The journal entry to record the issuance of the bonds would include

• A) $15,000 bond premium.
• B) $5,000 bond premium.
• C) $15,000 bond discount.
• D) no bond premium or discount.

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Definitions:

Debit or Credit Posting

The act of recording an entry on the left (debit) or right (credit) side of a financial account in the accounting ledger.

Trial Balance

An organized accounting sheet where the sum of all ledger balances is equally distributed between debit and credit columns.

T Account

A visual representation used in accounting to depict the debits and credits of an account, helping to simplify transaction analysis.

Interest Earned

The income received from various forms of investments, such as savings accounts, bonds, or loans.