Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 31 Jul 2017 My Price 8.00

Kelsey, Inc.,

The following transactions of Kelsey, Inc., occurred within the same accounting period:
(a) Purchased $55,000 U.S. Treasury 6% bonds, paying 102 plus accrued interest of $1,400. In addition, Kelsey paid brokerage fees of $500. Kelsey uses the revenue approach to record accrued interest on purchased bonds. Kelsey classified this security as a trading security.
(b) Purchased 2,100 shares of Dulce Co. common stock at $67 per share plus brokerage fees of $1,300. Kelsey classifies this stock as an available-for-sale security.
(c) Received semiannual interest on the U.S. Treasury bonds.
(d) Sold 400 shares of Dulce at $81 per share.
(e) Sold $20,000 of U.S. Treasury 6% bonds at 101 plus accrued interest of $180.
(f) Purchased an $18,000, 6-month certificate of deposit. The certificate is classified as a trading security.
Prepare the entries necessary to record these transactions.

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Maurice Tutor
(5)
Status NEW Posted 31 Jul 2017 11:07 AM My Price 8.00

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