Jenek Corporation had the following transactions pertaining to debt investments.
1. Purchased 25 9%, $2,000 Leeds
Co. bonds for $50,000 cash. Interest is payable annually on January
1, 2017.
2. Accrued interest on Leeds Co.
bonds on December 31, 2017.
3. Received interest on Leeds Co.
bonds on January 1, 2018.
4. Sold 15 Leeds Co. bonds for
$34,000 on January 1, 2018.
Answer
Date | Accounts title | Debit | Credit |
01-Jan-17 | Investments in Bond (or Debt Investments) | $50,000 | |
Cash | $50,000 | ||
(to record investments) | |||
31-Dec-17 | Interest receivables ($50000 x 9%) | $4,500 | |
Interest revenue | $4,500 | ||
(to record accrued interest) | |||
01-Jan-18 | Cash | $4,500 | |
Interest receivables | $4,500 | ||
(to record interest received) | |||
01-Jan-18 | Cash | $34,000 | |
Gain on sale of debt investments | $4,000 | ||
Investments in Bond (or Debt Investments) | $30,000 | ||
(to record sale of 15 bonds: 15 x $ 2000) |
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