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EmmyLou Company purchased 70 Harris Company 12%, 10-year, $1,000 bonds on January 1, 2010, for $73,000. EmmyLou Company also had to pay $500 of brokers fees. The bonds pay interest semiannually on July 1 and January 1. On January 1,

EmmyLou Company purchased 70 Harris Company 12%, 10-year, $1,000 bonds on January 1, 2010, for $73,000. EmmyLou Company also had to pay $500 of broker’s fees. The bonds pay interest semiannually on July 1 and January 1. On January 1, 2011, after receipt of interest, EmmyLou Company sold 40 of the bonds for $40,100.

Instructions

Prepare the journal entries to record the transactions described above.


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Debt Investments 73 500 Cash 73 500 July 1 2010 Cash 70 000 X 12 …View the full answer


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Accounting Principles

Accounting Principles

ISBN: 978-0470533475

9th Edition

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

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Question Details
Chapter # 16- Investments
Section: Exercises
Problem: 3
Posted Date: September 13, 2011 08:20:53
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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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