Bonds Issued at Par with no Accrued Interest Journal Entry Examples Help

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Understanding the concept Bonds Issued at Par with no Accrued Interest Journal Entry Examples

 
Suppose a company issued bonds on Jan 1, 2014 and the date on the bond is Jan 1, 2014 then there will be no accrued interest on the bond at the time of issuing. If the investor pays the amount of bond it means face value of the bond plus any accrued interest.

 

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Bonds Issued at Par with no Accrued Interest Journal Entry Examples Explanation

 
The concept can be better understood with help of an example.
 
Example: a company issued a 9% $1000000 bond on January 1, 2014. The bond will mature in 5years and interest is required to be paid on June 30 and Dec 31 till the date of maturity. The company will make the following journal entries when the bond is sold at face value and there is no accrued interest to be paid by the buyer the
 
Cash Dr. $1000000
To Bonds Payable $1000000
For interest expense following journal entries will be till the date of maturity.
Interest Expense Dr. $750
To Cash $750
 
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