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On January 1, 20X1, Meister Company issues $200,000 of 6% bonds. Interest of $6,000 is payable semiannually on June 30 and December 31. The bonds mature in 5 years. The bonds were issued at face amount. All the bonds are privately placed with one investor. On the date of issue, the investor should record what journal entry?

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Answer:

                                                                   Debit                   Credit

Bank/Cash                                                  $200,000

Bonds payable                                                                        $200,000

Explanation:

The journal entry which shall be recorded by Meister Company in its accounts in respect of bonds issued by it, on January 1, 20X1, is mentioned below:

                                                                   Debit                   Credit

Bank/Cash                                                  $200,000

Bonds payable                                                                        $200,000

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