Sheridan Company purchased 70 Rinehart Company 5%, 10-year $1.000 bonds on January 1, 2022, for $70,000. The bonds pay interest annually on January 1. On January 1, 2023, after receipt of interest, Sheridan Company sold 45 of the bonds for $41,300. Prepare the journal entries to record the transactions described above. (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) Account Titles and Explanation 40 Date i (To record receipt of interest) Debit 56°F Credit
Sheridan Company purchased 70 Rinehart Company 5%, 10-year $1.000 bonds on January 1, 2022, for $70,000. The bonds pay interest annually on January 1. On January 1, 2023, after receipt of interest, Sheridan Company sold 45 of the bonds for $41,300. Prepare the journal entries to record the transactions described above. (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) Account Titles and Explanation 40 Date i (To record receipt of interest) Debit 56°F Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Subject: acounting
Transcribed Image Text:earch
Sheridan Company purchased 70 Rinehart Company 5%, 10-year, $1.000 bonds on January 1, 2022, for $70,000. The bonds pay
interest annually on January 1. On January 1, 2023, after receipt of interest, Sheridan Company sold 45 of the bonds for $41,300.
Prepare the journal entries to record the transactions described above. (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.)
Account Titles and Explanation
W
3
Date
Dil
17
E
4
(To record receipt of interest)
64
5
45
40
< 6
6
O
27
5
C
PrtScn
8
Debit
Home
56°F
End
100
$10
Credit
O
PgUp
PgDn
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