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 credit account to bonds payable.
Change the amounts to \$3 million.
Post it to the ledger.
No action is necessary.
Box 1:
Select the best answer
Change the credit account to bonds payable.
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