Gonzalez Company acquired $210,000 of Walker Co., 5% bonds on May 1 at their face amount. Interest is paid semiannually on May 1 and November 1. On November 1, Gonzalez Company sold $44,400 of the bonds for 95.Journalize entries to record the following in Year 1:For a compound transaction, if an amount box does not require an entry, leave it blank.a. The initial acquisition of the bonds on May 1.May 1 fill in the blank 2db398fc5fbefe9_2 fill in the blank 2db398fc5fbefe9_4b. The semiannual interest received on November 1.Nov. 1 fill in the blank 12a681fdb06bff7_2 fill in the blank 12a681fdb06bff7_4c. The sale of the bonds on November 1.Nov. 1 fill in the blank cee7ff00dfa3fc5_2fill in the blank cee7ff00dfa3fc5_3 fill in the blank cee7ff00dfa3fc5_5fill in the blank cee7ff00dfa3fc5_6 fill in the blank cee7ff00dfa3fc5_8fill in the blank cee7ff00dfa3fc5_9d. The accrual of $1,380 interest on December 31.Dec. 31 fill in the blank 3d1f55fa303ffba_2

Journal Entry use to record the transactions/events occurred in a business in order to keep track of…

Answered: Gonzalez Company acquired $210,000 of…

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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Gonzalez Company acquired $210,000 of Walker Co., 5% bonds on May 1 at their face amount. Interest is paid semiannually on May 1 and November 1. On November 1, Gonzalez Company sold $44,400 of the bonds for 95.

Journalize entries to record the following in Year 1:

For a compound transaction, if an amount box does not require an entry, leave it blank.

a. The initial acquisition of the bonds on May 1.

May 1		fill in the blank 2db398fc5fbefe9_2
			fill in the blank 2db398fc5fbefe9_4

b. The semiannual interest received on November 1.

Nov. 1		fill in the blank 12a681fdb06bff7_2
			fill in the blank 12a681fdb06bff7_4

c. The sale of the bonds on November 1.

Nov. 1	fill in the blank cee7ff00dfa3fc5_2	fill in the blank cee7ff00dfa3fc5_3
	fill in the blank cee7ff00dfa3fc5_5	fill in the blank cee7ff00dfa3fc5_6
	fill in the blank cee7ff00dfa3fc5_8	fill in the blank cee7ff00dfa3fc5_9

d. The accrual of $1,380 interest on December 31.

Dec. 31		fill in the blank 3d1f55fa303ffba_2

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