not use ai please don't Apr. 1 Purchased for cash $420,000 of Vasquez City 6% bonds at 100 plus accrued interest of $6,300.June 30 Received first semiannual interest payment.July 31 Sold $210,000 of the bonds at 99 plus accrued interest of $1,050.Aug. 1 Received face value of remaining bonds at their maturity.Required:Journalize the entries to record the above selected bond investment transactions for Beacon Trust. Refer tothe chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journalexplanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automaticallyindent a credit entry when a credit amount is entered.

DateAccount titles & ExplanationDebitCreditApr. 1Investments420,000 Interest Receivable…

Answered: Apr. 1 Purchased for cash $420,000 of…

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter4: The Balance Sheet And The Statement Of Shareholders' Equity

Section: Chapter Questions

Problem 5RE

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Journalize the entries to record the following selected bond investment transactions for Hall Trust (refer to the Chart of Accounts for exact wording of account titles): Apr. 1 Purchased for cash $334,000 of Medina City 3% bonds at 100 plus accrued interest of $2,505, paying interest semiannually. June 30 Received first semiannual interest payment. July 31 Sold $145,200 of the bonds at 96 plus accrued interest of $363.
Apr. 1 Purchased for cash $388,000 of Vasquez City 4% bonds at 100 plus accrued interest of $3,880. June 30 Received first semiannual interest payment. July 31 Sold $154,800 of the bonds at 96 plus accrued interest of $516. Aug. 1 Received face value of remaining bonds at their maturity. Required: Journalize the entries to record the above selected bond investment transactions for Beacon Trust. Refer to the chart of accounts for the exact
Apr. 1 Purchased for cash $420,000 of Vasquez City 6% bonds at 100 plus accrued interest of $6,300. June 30 Received first semiannual interest payment. July 31 Sold $210,000 of the bonds at 99 plus accrued interest of $1,050. Aug. 1 Received face value of remaining bonds at their maturity. Required: Journalize the entries to record the above selected bond investment transactions for Beacon Trust.
Journalize the entries to record the following selected bond investment transactions for Hall Trust:a. Purchased for cash $240,000 of Medina City 6% bonds at 100 plus accrued interest of $3,600.b. Received first semiannual interest payment.c. Sold $120,000 of the bonds at 98 plus accrued interest of $600.
Journalize the entries to record the following selected bond investment transactions for Southwest Bank: Apr. 1 Purchased $400,000 of Daytona Beach 4.5% bonds at 100 plus accrued interest of $4,500. July 1 Received the first semiannual interest. Sept. 1 Sold $250,000 of the bonds at 97, plus accrued interest of $1,875. If an amount box does not require an entry, leave it blank. 1. fill in the blank 2 fill in the blank 3 fill in the blank 5 fill in the blank 6 fill in the blank 8 fill in the blank 9 2. fill in the blank 11 fill in the blank 12 fill in the blank 14 fill in the blank 15 fill in the blank 17 fill in the blank 18 3. fill in the blank 20 fill in the blank 21 fill in the blank 23 fill in the blank 24 fill in the blank 26 fill in the blank 27
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.
The following bond investment transactions were completed by Starks Company: Jan. 31 Purchased 42, $1,000 government bonds at 100 plus accrued interest of $210 (1 month). The bonds pay 6% annual interest on July 1 and January 1. July 1 Received semiannual interest on bond investment. Aug. 30 Sold 18, $1,000 bonds at 98 plus $180 accrued interest (2 months). a. Journalize the entries for these transactions. Assume a 360-day year. Do not round interim calculations. Round final answers to nearest dollar. If an amount box does not require an entry, leave it blank. Jan. 31 - Select - - Select - - Select - - Select - - Select - - Select - July 1 - Select - - Select - - Select - - Select - - Select - - Select - Aug. 30 - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - b. Journalize the December 31 adjusting entry for semiannual interest earned on…
Journalize the entries to record the following selected bond investment transactions for Marr Products: If an amount box does not require an entry, leave it blank. Question Content Areaa. Purchased for cash $96,000 of Hotline Inc. 9% bonds at 100 plus accrued interest of $1,440. blank - Select -- Select - - Select -- Select - - Select -- Select -Question Content Areab. Received first semiannual interest payment. blank - Select -- Select - - Select -- Select - - Select -- Select -Question Content Areac. Sold $64,000 of the bonds at 103 plus accrued interest of $730. blank - Select -- Select - - Select -- Select - - Select -- Select - - Select -- Select -Question Content Aread. Received face value of remaining bonds at their maturity. blank - Select -- Select - - Select -- Select -
Bond Investment TransactionsJournalize the entries to record the following selected bond investment transactions for Starks Products:For a compound transaction, if an amount box does not require an entry, leave it blank.a. Purchased for cash $72,000 of Iceline, Inc. 9% bonds at 100 plus accrued interest of $1,080, paying interest semiannually. b. Received first semiannual interest payment. c. Sold $48,000 of the bonds at 103 plus accrued interest of $550.
The following bond investment transactions were completed during a recent year by Starks Company: Year 1 Jan. 31 Purchased 75, $1,000 government bonds at 100 plus accrued interest of $313 (one month). The bonds pay 5% annual interest on July 1 and January 1. July 1 Received semiannual interest on bond investment. Aug. 30 Sold 33, $1,000 bonds at 95 plus $275 accrued interest (two months). Required: a. Journalize the entries for these transactions. Refer to the Chart of Accounts for exact wording of account titles. Assume a 360-day year. b. Provide the December 31, Year 1, adjusting journal entry for semiannual interest earned on the bonds.
3. Prepare the journal entries to record the issuance of the bonds by Sanyal and Barnwell’s investment on February 1, 2024. 4. Prepare the journal entries by both firms to record all events related to the bonds through January 31, 2026. Note: Use tables, Excel, or a financial calculator. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1)
Bond Investment Transactions Journalize the entries to record the following selected bond investment transactions for Starks Products: For a compound transaction, if an amount box does not require an entry, leave it blank. a. Purchased for cash $102,000 of Iceline, Inc. 8% bonds at 100 plus accrued interest of $1,360, paying interest semiannually. b. Received first semiannual interest payment. c. Sold $68,000 of the bonds at 103 plus accrued interest of $780.

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