Apr.1Purchased for cash $372,000 of Vasquez City 3% bonds at 100 plus accrued interest of $2,790. June30Received first semiannual interest payment. July31Sold $139,200 of the bonds at 98 plus accrued interest of $348. Aug.1Received 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 wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.
Apr.1Purchased for cash $372,000 of Vasquez City 3% bonds at 100 plus accrued interest of $2,790. June30Received first semiannual interest payment. July31Sold $139,200 of the bonds at 98 plus accrued interest of $348. Aug.1Received 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 wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.
Chapter13: Long-term Liabilities
Section: Chapter Questions
Problem 6PA: Aggies Inc. issued bonds with a $500,000 face value, 10% interest rate, and a 4-year term on July 1,...
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Apr.1Purchased for cash $372,000 of Vasquez City 3% bonds at 100 plus accrued interest of $2,790.
June30Received first semiannual interest payment.
July31Sold $139,200 of the bonds at 98 plus accrued interest of $348.
Aug.1Received face
Required:
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