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 entry :

Date account and explanation debit credit 20Y2, Oct 1 Investment in Jerris Corp. 252000 Cash 252000 (To record investment in bonds) 20Y2, Dec 31 Interest receivable (252000*6%*3/12) 3780 Interest revenue 3780 (To record accured interest) 20Y3, Apr 1 Cash 7560 Interest receivable 3780 Interest revenue 3780 (To record interest receipt) 20Y3, Apr 1 Cash (98800*1.04) 102752 Investment in Jerris Corp 98800 Gain on sale of investment 3952 (To record sale of investment)

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