Sandhill Corporation had the following transactions relating to debt investments: Jan. 1, 2022 Purchased 70, $1,600, 10% Spiller Company bonds for $112,000. Interest is payable annually on January 1. Dec. 31, 2022 Accrued interest on Spiller Company bonds. Jan. 1, 2023 Received interest from Spiller Company bonds. Jan. 1, 2023 Sold 42 Spiller Company bonds for $65,600.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Journalize the above transactions, including the adjusting entry for the accrual of interest on December 31, 2022. (List all debit entries
before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required,
select "No entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem.)
Date
Account Titles and Explanation
Debit
Credit
(To record receipt of the interest revenue.)
(To record sale of bonds.)
Transcribed Image Text:Journalize the above transactions, including the adjusting entry for the accrual of interest on December 31, 2022. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit (To record receipt of the interest revenue.) (To record sale of bonds.)
Sandhill Corporation had the following transactions relating to debt investments:
2022
Purchased 70, $1,600, 10% Spiller Company bonds for $112,000. Interest is payable annually on January 1.
Jan. 1,
Dec. 31, 2022
Accrued interest on Spiller Company bonds.
Jan. 1,
2023
Received interest from Spiller Company bonds.
Jan. 1,
2023
Sold 42 Spiller Company bonds for $65,600.
Transcribed Image Text:Sandhill Corporation had the following transactions relating to debt investments: 2022 Purchased 70, $1,600, 10% Spiller Company bonds for $112,000. Interest is payable annually on January 1. Jan. 1, Dec. 31, 2022 Accrued interest on Spiller Company bonds. Jan. 1, 2023 Received interest from Spiller Company bonds. Jan. 1, 2023 Sold 42 Spiller Company bonds for $65,600.
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