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wing descriptions. arapova Company common stock, $100 par, 200 shares $34,50 . government bonds, 11%, due April 1, 2030, interest payable April 1 and October 1, 108 bonds of 000 par each 108,00 Grath Company 12% bonds, par $54,100, dated March 1, 2020, purchased at 104 plus accrued erest, interest payable annually on March 1, due March 1, 2040 58,42

wing descriptions. arapova Company common stock, $100 par, 200 shares $34,50 . government bonds, 11%, due April 1, 2030, interest payable April 1 and October 1, 108 bonds of 000 par each 108,00 Grath Company 12% bonds, par $54,100, dated March 1, 2020, purchased at 104 plus accrued erest, interest payable annually on March 1, due March 1, 2040 58,42

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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Culver Corp. carries an account in its general ledger called Investments, which contained debits for investment purchases, and no credits, with the following descriptions. Feb. 1, 2020 Sharapova Company common stock, $100 par, 200 shares $34,500 April 1 U.S.government bonds, 11%, due April 1, 2030, interest payable April 1 and October 1, 108 bonds of $1,000 par each 108,000 July 1 McGrath Company 12% bonds, par $54,100, dated March 1, 2020, purchased at 104 plus accrued interest, interest payable annually on March 1, due March 1, 2040 58,428 (a) Prepare entries necessary to classify the amounts into proper accounts, assuming that the debt securities are classified as available-for-sale. (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.) Account Titles and Explanation Debit Credit
Transcribed Image Text:Culver Corp. carries an account in its general ledger called Investments, which contained debits for investment purchases, and no credits, with the following descriptions. Feb. 1, 2020 Sharapova Company common stock, $100 par, 200 shares $34,500 April 1 U.S.government bonds, 11%, due April 1, 2030, interest payable April 1 and October 1, 108 bonds of $1,000 par each 108,000 July 1 McGrath Company 12% bonds, par $54,100, dated March 1, 2020, purchased at 104 plus accrued interest, interest payable annually on March 1, due March 1, 2040 58,428 (a) Prepare entries necessary to classify the amounts into proper accounts, assuming that the debt securities are classified as available-for-sale. (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.) Account Titles and Explanation Debit Credit
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