Jenek Corporation had the following transactions pertaining to debt investments. Jan. 1 Purchased 50 9%, $1,000 Leeds

Question:

Jenek had the following transactions pertaining to debt investments.
Jan. 1 Purchased 50 9%, $1,000 Leeds Co. bonds for $50,000 cash. Interest is payable semiannually on July 1 and January 1.
July 1 Received semiannual interest on Leeds Co. bonds.
July 1 Sold 30 Leeds Co. bonds for $33,000.

Instructions
(a) Journalize the transactions.
(b) Prepare the adjusting entry for the accrual of interest at December 31.

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...