Question

Jenek Corporation 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.



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  • CreatedJanuary 30, 2014
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