S Exxercise 16-3 Flynn Com lanuary 1, 2018, after receipt of interest, Flyne Com

Question

S Exxercise 16-3 Flynn Com lanuary 1, 2018, after receipt of interest, Flyne Company sold 50 ofthe bonds for $73,920 Prepare the journal entries to record the transactions described above. (Round answers to 0 decimal places, e.g. 15,250. Credit account titles are eutomatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter o for the amounts. Record journal entries io the order preseoted in the problem.) Date Account Titles and Explanation Credit (T, record receet of interest) Jan. 1, 2018 To record sale of bonds) Rights Reserved. A Dsonof

Explanation / Answer

Date Account titles and explanation Debit Credit Jan 1 Debt Investments $134,400 Cash $134,400 Dec. 31 Interest Receivable($134,400 x 9%) $12,096 Interest Revenue $12,096 Jan 1 Cash $12,096 Interest Receivable $12,096 Jan. 1 Cash $73,920 Loss on Sale of Debt Investments $10,080 Debt Investments $84,000

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