A counter account to Bonds Payable is the Discount on Bonds Payable account.
The amount that the issuer owes bond holders is kept in an account called "Bonds Payable." Due to the fact that bonds often have a longer maturity period than one year, this account is typically seen in the long-term liabilities area of the balance sheet. The line item will instead show up in the balance sheet's current obligations section if they mature in less than a year.
Bond indenture agreements contain the terms of bonds payable, including the face value of the bonds, the interest rate to be paid to bondholders, unique repayment terms, and any restrictions imposed on the issuing corporation.
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