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Accounting 26th Edition by Carl Warren,James Reeve,Jonathan Duchac
Edition 26ISBN: 978-1285743615Accounting 26th Edition by Carl Warren,James Reeve,Jonathan Duchac
Edition 26ISBN: 978-1285743615 Exercise 1
A Bond investment transactions
Journalize the entries to record the following selected bond investment transactions for Hall Trust:
a. Purchased for cash $300,000 of Oates City 4% bonds at 100 plus accrued interest of $3,000.
b. Received first semiannual interest payment.
c. Sold $150,000 of the bonds at 97 plus accrued interest of $500.
B Bond investment transactions
Journalize the entries to record the following selected bond investment transactions for Starks Products:
a. Purchased for cash $120,000 of Iceline, Inc. 5% bonds at 100 plus accrued interest of $1,000.
b. Received first semiannual interest payment.
c. Sold $60,000 of the bonds at 101 plus accrued interest of $500.'
Journalize the entries to record the following selected bond investment transactions for Hall Trust:
a. Purchased for cash $300,000 of Oates City 4% bonds at 100 plus accrued interest of $3,000.
b. Received first semiannual interest payment.
c. Sold $150,000 of the bonds at 97 plus accrued interest of $500.
B Bond investment transactions
Journalize the entries to record the following selected bond investment transactions for Starks Products:
a. Purchased for cash $120,000 of Iceline, Inc. 5% bonds at 100 plus accrued interest of $1,000.
b. Received first semiannual interest payment.
c. Sold $60,000 of the bonds at 101 plus accrued interest of $500.'
Explanation
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A. Bond investment transaction:
Journal...
Accounting 26th Edition by Carl Warren,James Reeve,Jonathan Duchac
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