Flynn Company purchased 70 Rinehart Company 6%, 10-year, $1,000 bonds on January 1, 2020, for $70,000. The bonds pay interest annually on January 1. On January 1, 2021, after receipt of interest, Flynn Company sold 40 of the bonds for $38,500. Instructions: Prepare the journal entries to record the transactions described above. E16.4 (LO 2) Hulse Company had the following transactions pertaining to stock investments. Feb. 1 Purchased 600 shares of Wade common stock (2%) for $7,200 cash. July 1 Received cash dividends of $1 per share on Wade common stock. Sept. 1 Sold 300 shares of Wade common stock for $4,300. Dec. 1 Received cash dividends of $1 per share on Wade common stock. Instructions: a. Journalize the transactions. ( please only do the second problem )
Flynn Company purchased 70 Rinehart Company 6%, 10-year, $1,000 bonds on January 1, 2020, for $70,000. The bonds pay interest annually on January 1. On January 1, 2021, after receipt of interest, Flynn Company sold 40 of the bonds for $38,500. Instructions: Prepare the journal entries to record the transactions described above. E16.4 (LO 2) Hulse Company had the following transactions pertaining to stock investments. Feb. 1 Purchased 600 shares of Wade common stock (2%) for $7,200 cash. July 1 Received cash dividends of $1 per share on Wade common stock. Sept. 1 Sold 300 shares of Wade common stock for $4,300. Dec. 1 Received cash dividends of $1 per share on Wade common stock. Instructions: a. Journalize the transactions. ( please only do the second problem )
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Flynn Company purchased 70 Rinehart Company 6%, 10-year, $1,000 bonds on January 1, 2020, for $70,000. The bonds pay interest annually on January 1. On January 1, 2021, after receipt of interest, Flynn Company sold 40 of the bonds for $38,500.
Instructions:
Prepare the journal entries to record the transactions described above.
E16.4 (LO 2) Hulse Company had the following transactions pertaining to stock investments.
Feb. 1 Purchased 600 shares of Wade common stock (2%) for $7,200 cash.
July 1 Received cash dividends of $1 per share on Wade common stock.
Sept. 1 Sold 300 shares of Wade common stock for $4,300.
Dec. 1 Received cash dividends of $1 per share on Wade common stock.
Instructions:
a. Journalize the transactions.
( please only do the second problem )
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