Entries for in Bonds, Interest, and Sale of Bonds Kalyagin 1 acquired S252,000 J

Question

Entries for in Bonds, Interest, and Sale of Bonds Kalyagin 1 acquired S252,000 Jems Corp., 6% bonds at their face amount on October 1, 2012. The bonds pay interest on October 1 and Apri' 1·On April 1, 20Y3, Kalyagin sold $98,800 of Jerris bonds at 104 ournalize the entries to record the following Do not round interim calculations. Round final answers to nearest dollar. For a compound transaction, if an amount box does not require an entry, leave it blank a. The initial acquisition of the Jerris Corp, bonds on October 1, 20Y2. 20Y2 Oct. 20Y3 Apr 1 d. The sale of $98,800 of Jerris Corp. bonds on April 1, 20Y3, at 104. 20Y3 Apr 1 Next MacBook Air

Explanation / Answer

Journal Entries Date Account Title and explanation Debit Credit Oct 01, 2012 6% Bonds $                       2,52,000        To Cash $             2,52,000 (To record the investment in Bonds) Dec 31, 2012 Interest Receivable ($ 252,000 X 6%X3/12) $                             3,780      To Interest Revenue $                   3,780 (To Record the interest accured and receivable)) Apr 01, 2013 Cash $                             7,560      To Interest Receivable $                   3,780      To Interest Revenue $                   3,780 (to Record the receipt of interest ) Apr 01, 2013 Cash ($ 98,800 X 1.04) $                       1,02,752            To 6% Bonds $                98,800             To Premium on Bonds Sales $                   3,952 (To Record the sale of Bonds)

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