Question

Sorrey Company acquired $75,000 of Clayton Co., 6% bonds on April 1, 2014, at their face amount. Interest is paid semiannually on April 1 and October 1. On October 1, 2014, Sorrey Company sold $25,000 of the bonds for 98.
Journalize entries to record the following:
a. The initial acquisition of the bonds on April 1.
b. The semiannual interest received on October 1.
c. The sale of the bonds on October 1.
d. The accrual of $750 interest on December 31, 2014.



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  • CreatedFebruary 28, 2014
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