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Category > Accounting Posted 20 Aug 2017 My Price 7.00

Sanz County

Ex 13-3 Entries for investment in bonds, interest, and sale of bonds                      ObJ. 2 Bocelli Co. purchased $120,000 of 6%, 20-year Sanz County bonds on May 11, 2016, directly from  the  county,  at  their  face  amount  plus  accrued  interest.  The  bonds  pay semiannual

interest on April 1 and October 1. On October 31, 2016, Bocelli Co. sold $30,000 of the

Sanz County bonds at 99 plus $150 accrued interest, less a $100 brokerage   commission.

Provide journal entries for the  following:

a.     The purchase of the bonds on May 11, plus 40 days of accrued interest.

b.    Semiannual interest on October 1.

c.     Sale of the bonds on October 31.

d.    Adjusting entry for accrued interest of $1,365 on December 31, 2016.

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Status NEW Posted 20 Aug 2017 08:08 PM My Price 7.00

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