Prepare Garzon Companys journal entries to record the following transactions for the current year. Jan. 1 Purchases
Question:
Prepare Garzon Company’s journal entries to record the following transactions for the current year.
Jan. 1 Purchases 6% bonds (as a held-to-maturity investment) issued by PBS at a cost of $40,000, which is the par value.
June 30 Receives first semiannual payment of interest from PBS bonds.
Dec. 31 Receives a check from PBS in payment of principal ($40,000) and the second semiannual payment of interest.
Step by Step Answer:
July 1st Debit Cash 1200 Credit Interest Received 1200 December 31st Debit Interes...View the full answer
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A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
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