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Entries for bond (held-to-maturity) investments Gillooly Co. purchased $81,000 of 8%, 12-year Lumpkin County bonds on May 11, Year 1, directly from the.county, at their face amount plus accrued interest. The bonds pay semiannual interest on April 1 and October 1. On October 31, Year 1, Gillooly Co. sold $30,000 of the Lumpkin County bonds at 101 plus $200 accrued interest less a $340 brokerage commission. Journalize the entries to record the following: Do not round interim calculations. Round final answers to nearest dollar. If an amount box does not require an entry, leave it blank. Assume a 360-day year. a. The purchase of the bonds on May 11 plus 40 days of accrued interest. Year 1 May 11 Interest Payable Interest Receivable Cash b. Semiannual interest on October 1. Year 1 Oct. 1 Cash Interest Receivable Interest Revenue image008.png c. Sale of the bonds on October 31. Year 1 Oct. 31 Cash Loss on Sale of Investments Interest Revenue

Entries for bond (held-to-maturity) investments Gillooly Co. purchased $81,000 of 8%, 12-year Lumpkin County bonds on May 11, Year 1, directly from the.county, at their face amount plus accrued interest. The bonds pay semiannual interest on April 1 and October 1. On October 31, Year 1, Gillooly Co. sold $30,000 of the Lumpkin County bonds at 101 plus $200 accrued interest less a $340 brokerage commission. Journalize the entries to record the following: Do not round interim calculations. Round final answers to nearest dollar. If an amount box does not require an entry, leave it blank. Assume a 360-day year. a. The purchase of the bonds on May 11 plus 40 days of accrued interest. Year 1 May 11 Interest Payable Interest Receivable Cash b. Semiannual interest on October 1. Year 1 Oct. 1 Cash Interest Receivable Interest Revenue image008.png c. Sale of the bonds on October 31. Year 1 Oct. 31 Cash Loss on Sale of Investments Interest Revenue

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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nt Content * CengageNoWw2 | Online teachin x .com/ilm/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false les ajoutant à la barre de favoris. Importer mes favoris maintenant. Entries for bond (held-to-maturity) investments Gillooly Co. purchased $81,000 of 8%, 12-year Lumpkin County bonds on May 11, Year 1, directly from the.county, at their face amount plus accrued interest. The bonds pay semiannual interest on April 1 and October 1. On October 31, Year 1, Gillooly Co. sold $30,000 of the Lumpkin County bonds at 101 plus $200 accrued interest less a $340 brokerage commission. Journalize the entries to record the following: Do not round interim calculations. Round final answers to nearest dollar. If an amount box does not require an entry, leave it blank. Assume a 360-day year. a. The purchase of the bonds on May 11 plus 40 days of accrued interest. Year 1 May 11 Interest Payable Interest Receivable Cash b. Semiannual interest on October 1. Year 1 Oct. 1 Cash Interest Receivable Interest Revenue image008.png C. Sale of the bonds on October 31. Year 1 Oct. 31 Cash Loss on Sale of Investments Interest Revenue Provious a Not..ations N Sur up S W change Blog Feoback Mar 29 doliEreply ncip acer Pause F12 PrtSc F10 F11 Break F6 E7 F8 F9 Salk SysRq
Transcribed Image Text:nt Content * CengageNoWw2 | Online teachin x .com/ilm/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false les ajoutant à la barre de favoris. Importer mes favoris maintenant. Entries for bond (held-to-maturity) investments Gillooly Co. purchased $81,000 of 8%, 12-year Lumpkin County bonds on May 11, Year 1, directly from the.county, at their face amount plus accrued interest. The bonds pay semiannual interest on April 1 and October 1. On October 31, Year 1, Gillooly Co. sold $30,000 of the Lumpkin County bonds at 101 plus $200 accrued interest less a $340 brokerage commission. Journalize the entries to record the following: Do not round interim calculations. Round final answers to nearest dollar. If an amount box does not require an entry, leave it blank. Assume a 360-day year. a. The purchase of the bonds on May 11 plus 40 days of accrued interest. Year 1 May 11 Interest Payable Interest Receivable Cash b. Semiannual interest on October 1. Year 1 Oct. 1 Cash Interest Receivable Interest Revenue image008.png C. Sale of the bonds on October 31. Year 1 Oct. 31 Cash Loss on Sale of Investments Interest Revenue Provious a Not..ations N Sur up S W change Blog Feoback Mar 29 doliEreply ncip acer Pause F12 PrtSc F10 F11 Break F6 E7 F8 F9 Salk SysRq
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