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

Question:

Jenek Corporation had the following transactions pertaining to debt investments.

1. Purchased 50 9%, $1,000 Leeds Co. bonds for $50,000 cash. Interest is payable annually on January 1, 2017.

2. Accrued interest on Leeds Co. bonds on December 31, 2017.

3. Received interest on Leeds Co. bonds on January 1, 2018.

4. Sold 30 Leeds Co. bonds for $33,000 on January 1, 2018.

Instructions

Journalize the transactions.

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...