Homework Answers
Journal entry
| No | Date | General journal | Debit | Credit |
| a | Sep 1 | Bond investment | 84000 | |
| Interest receivable (84000*7%*2/12) | 980 | |||
| Cash | 84980 | |||
| b | Dec 31 | Cash | 2940 | |
| Interest receivable | 980 | |||
| Interest revenue | 1960 | |||
| c | Feb 1 | Cash (82000+490) | 82490 | |
| Loss on sale of investment | 2000 | |||
| Bonds investment | 84000 | |||
| Interest revenue | 490 | |||
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On September 1, Parsons Company purchased $84,000, 10-year, 7% government bonds at 100 plus accrued interest....
27. On January 1, 2019, Parsons Company purchased $84,000, 10 year, 7% government bonds at 100....
27. On January 1, 2019, Parsons Company purchased $84,000, 10 year, 7% government bonds at 100. The semi-annual interest payment dates are June 30 and December 31. Required: (Shows computations and references are required) (1) Journalize the entry to record the bond purchase. (2) Journalize the receipt of interest at June 30 and December 31, 2019. Journalize the February 1, 2020 sale of the bonds for $82,000 plus accrued interest for one month. (3) Debit Credit
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eBook Show Me How * Calculator Debt Investment Transactions, Available-for-Sale Valuation Rekya Mart Inc. is a...
eBook Show Me How * Calculator Debt Investment Transactions, Available-for-Sale Valuation Rekya Mart Inc. is a general merchandise retail company that began operations on January 1, Year 1. The following transactions relate to debt investments acquired by Rekya Mart Inc., which has a fiscal year ending on December 31: Year 1 Apr. 1. Purchased $36,000 of Smoke Bay 5%, 10-year bonds at their face amount plus accrued interest of $300. The bonds pay interest semiannually on February 1 and August...
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Entries for Investments in Bonds, Interest, and Sale of
Bonds
Kalyagin Investments acquired $228,400 Jerris Corp., 9% bonds at
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Jerris bonds at 102.
Journalize the entries to record the following:
Do not round interim calculations. Round final answers to
nearest dollar. For a compound transaction, if an amount box does
not require an entry, leave...
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27. On January 1, 2019, Parsons Company purchased $84,000, 10 year, 7% government bonds at 100. The semi-annual interest payment dates are June 30 and December 31. Required: (Shows computations and references are required) (1) Journalize the entry to record the bond purchase. (2) Journalize the receipt of interest at June 30 and December 31, 2019. Journalize the February 1, 2020 sale of the bonds for $82,000 plus accrued interest for one month. (3) Debit Credit
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Entries for Investment in Bonds, Interest, and Sale of Bonds Gonzalez Company acquired $162,600 of Walker Co., 4% bonds on May 1 at their face amount. Interest is paid semiannually on May 1 and November 1. On November 1, Gonzalez Company sold $51,600 of the bonds for 95. Journalize entries to record the following in Year 1: For a compound transaction, if an amount box does not require an entry, leave it blank. a. The initial acquisition of the bonds...
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eBook Show Me How * Calculator Debt Investment Transactions, Available-for-Sale Valuation Rekya Mart Inc. is a general merchandise retail company that began operations on January 1, Year 1. The following transactions relate to debt investments acquired by Rekya Mart Inc., which has a fiscal year ending on December 31: Year 1 Apr. 1. Purchased $36,000 of Smoke Bay 5%, 10-year bonds at their face amount plus accrued interest of $300. The bonds pay interest semiannually on February 1 and August...
Entries for Investments in Bonds, Interest, and Sale of
Bonds
Kalyagin Investments acquired $228,400 Jerris Corp., 9% bonds at
their face amount on October 1, 20Y2. The bonds pay interest on
October 1 and April 1. On April 1, 20Y3, Kalyagin sold $120,000 of
Jerris bonds at 102.
Journalize the entries to record the following:
Do not round interim calculations. Round final answers to
nearest dollar. For a compound transaction, if an amount box does
not require an entry, leave...
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