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What is the accounting entry to record the redemption

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Reference no: EM132642290

Question 1: 20,000 $100 debentures were redeemed in cash upon maturity at their nominal value. What is the accounting entry to record the redemption?

Select one:

a. Debit debentures $2 000 000; credit bank $2 000 000
b. Debit debentures redemption reserve $2 000 000; credit debentures $2 000 000
c. Debit bank $2 000 000; credit debentures $2 000 000
d. Debit debentures $2 000 000; credit debentures redemption reserve $2 000 000

Reference no: EM132642290

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