Chapter 16, Problem 23P

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On January 1, 2016, Microlevel, Inc., purchased $70,000 face value of the 2% bonds of Service Express, Inc., at 104. The bonds mature on January 1, 2021. For the year ended December 31, 2017, Microlevel received cash interest of $1,400. What was the interest revenue that Microlevel earned in this period? A. $1,960 B. $1,456 C. $840 D. $1,400

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Carol's Coats Company purchases a sewing machine, paying $3,000.00 plus GST. They paid shipping costs of $50.00 plus GST for delivery to their plant. An invoice from an electrician for installation at $200.00 plus GST still needs to be paid. What would this purchase entry be? a. Debit Equipment $3,000.00, Credit Cash $3,000.00 b. Debit Equipment $3,412.50, Credit Cash $3,412.50 c. Debit Equipment $3,000.00, Debit Freight $50.00, Debit Installation $200.00, Debit GST Paid $162.50, Credit Cash $3,412.50 d. Debit Equipment $3,250.00, Debit GST Paid $162.50, Credit Accounts Payable $210.00, Credit Cash $3,202.50