General Accounting
AC company. purchased $24,000 of 4%, 10-year DCshoe bonds on July 12, 2012, directly from the county at par value. The bonds pay semiannual interest on May 1 and November 1. On December 1, 2012, AC company. sold $6,000 of the DCshoe bonds at 98 plus $20 accrued interest, less a $100 brokerage commission. Assume a 360-day year.
1- Provide the journal entry for the purchase of the bonds on July 12, plus 72 days of accrued interest.
investement DC=
interest receivable=
cash=
2. Provide the journal entry for semiannual interest on November 1.
cash=
interest receibalbe=
interect revenue=
3. Provide the journal entry for sale of the bonds on December 1.
cash=
loss on sale =
interest revenue=
invenstement in DCshoe=
4. Provide the adjusting entry for accrued interest of $120 on December 31, 2012.
??=
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