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Landmark buys $350,000 of SRW Company's 6%, 4-year bonds payable, at par value on July 1. Interest payments are made semiannually on December 31 and June 30. The journal entry Landmark should make to record interest earned and received on December 31 is: Multiple Choice Debit Interest Receivable $10,500, credit Interest Revenue $10,500. Debit Cash $21,000, credit interest Revenue $21,000. Debit Interest Revenue $10,500, credit Cash $10.500. Debit Cash $5,250, credit interest Revenue $5.250

Landmark buys $350,000 of SRW Company's 6%, 4-year bonds payable, at par value on July 1. Interest payments are made semiannually on December 31 and June 30. The journal entry Landmark should make to record interest earned and received on December 31 is: Multiple Choice Debit Interest Receivable $10,500, credit Interest Revenue $10,500. Debit Cash $21,000, credit interest Revenue $21,000. Debit Interest Revenue $10,500, credit Cash $10.500. Debit Cash $5,250, credit interest Revenue $5.250

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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Landmark buys $350,000 of SRW Company's 6%, 4-year bonds payable, at par value on July 1. Interest payments are made semiannually on December 31 and June 30. The journal entry Landmark should make to record interest earned and received on December 31 is: Multiple Choice Debit Interest Receivable $10,500, credit Interest Revenue $10,500. Debit Cash $21,000, credit Interest Revenue $21,000. Debit Interest Revenue $10,500, credit Cash $10.500. Debit Cash $5,250, credit Interest Revenue $5,250
Transcribed Image Text:Landmark buys $350,000 of SRW Company's 6%, 4-year bonds payable, at par value on July 1. Interest payments are made semiannually on December 31 and June 30. The journal entry Landmark should make to record interest earned and received on December 31 is: Multiple Choice Debit Interest Receivable $10,500, credit Interest Revenue $10,500. Debit Cash $21,000, credit Interest Revenue $21,000. Debit Interest Revenue $10,500, credit Cash $10.500. Debit Cash $5,250, credit Interest Revenue $5,250
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