On May 1, 2022, Sandhill Corp. issued 970,000 11-year bonds at face value. The bonds were dated May 1, 2022. Prepare the journal entry to record the issuance of the bonds.
A. Debit: Cash $970,000; Credit: Bonds Payable $970,000
B. Debit: Bonds Payable $970,000; Credit: Cash $970,000
C. Debit: Cash $970,000; Credit: Premium on Bonds Payable $970,000
D. Debit: Premium on Bonds Payable $970,000; Credit: Cash $970,000
