Lumen OHM Assessment

Enable text based alternatives for graph display and drawing entry

Your company issues 300 $1,000 zero coupon bonds on July 1, 20X1. Your accounting staff issues a journal entry debiting checking account for $300,000 and crediting interest payable for $300,000. What do you do with the journal entry?

Change the amounts to \$3 million.
No action is necessary.
Post it to the ledger.
Change the credit account to bonds payable.