Mind Tap- Cengage Learning gagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false еВook Show Me How E Calculator Entries for Bond (Held-to-Maturity) Investments Instructions Chart of Accounts Journal (X Instructions Bula Investments acquired $245,200 of Effenstein Corp., 5% bonds at their face amount on October 1, 20Y1. The bonds pay interest on October 1 and April 1. On April 1, 20Y2, Bula sold $112,000 of Effenstein Corp. bonds at 101. Required: Journalize the entries to record the following a. The initial acquisition of the Effenstein Corp. bonds on October 1, 20Y1 - b. The adjusting entry for 3 months of accrued interest earned on the Effenstein Corp. bonds on December 31, 20Y1." c. The receipt of semiannual interest on April 1, 20Y2. " d. The sale of $112,000 of Effenstein Corp. bonds on April 1, 20Y2, at 101." e. The receipt of the face value of the remaining bonds at their maturity on October 1, 20Y8.* "Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for Check My Work All work saved.
Mind Tap- Cengage Learning gagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false еВook Show Me How E Calculator Entries for Bond (Held-to-Maturity) Investments Instructions Chart of Accounts Journal (X Instructions Bula Investments acquired $245,200 of Effenstein Corp., 5% bonds at their face amount on October 1, 20Y1. The bonds pay interest on October 1 and April 1. On April 1, 20Y2, Bula sold $112,000 of Effenstein Corp. bonds at 101. Required: Journalize the entries to record the following a. The initial acquisition of the Effenstein Corp. bonds on October 1, 20Y1 - b. The adjusting entry for 3 months of accrued interest earned on the Effenstein Corp. bonds on December 31, 20Y1." c. The receipt of semiannual interest on April 1, 20Y2. " d. The sale of $112,000 of Effenstein Corp. bonds on April 1, 20Y2, at 101." e. The receipt of the face value of the remaining bonds at their maturity on October 1, 20Y8.* "Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for Check My Work All work saved.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:Mind Tap- Cengage Learning
gagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false
еВook
Show Me How
E Calculator
Entries for Bond (Held-to-Maturity) Investments
Instructions
Chart of Accounts
Journal
(X
Instructions
Bula Investments acquired $245,200 of Effenstein Corp., 5% bonds at their face amount on October 1, 20Y1. The bonds pay
interest on October 1 and April 1. On April 1, 20Y2, Bula sold $112,000 of Effenstein Corp. bonds at 101.
Required:
Journalize the entries to record the following
a. The initial acquisition of the Effenstein Corp. bonds on October 1, 20Y1 -
b. The adjusting entry for 3 months of accrued interest earned on the Effenstein Corp. bonds on December 31,
20Y1."
c. The receipt of semiannual interest on April 1, 20Y2. "
d. The sale of $112,000 of Effenstein Corp. bonds on April 1, 20Y2, at 101."
e. The receipt of the face value of the remaining bonds at their maturity on October 1, 20Y8.*
"Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for
Check My Work
All work saved.
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