That's OK, I had it coming. My fave band.........I should know how to spell the dudes name.
Anyway, here:
When accounting for the issuance of bonds at a premium or discount, why is the interest expense debited?
I've got way more questions, but let's start with that one.
I believe its because when the bond is sold, it is recorded in a bond payable account at face value. Then the cash account is debited for cash received, with the balance being a debit in the discount account or credit in the premium account. These are amortized over the life of the bond and the issuer has to pay interest and recognize a loss or gain for that period.