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prentice.victor prentice.victor
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7 years ago
On January 1st of the current year, Jackson Company purchased as a short-term investment, a $1,000, 8% bond, for $1,000. The bond pays interest semiannually on January 1st and July 1st. Jackson Company has a December 31st fiscal year end. The bond is sold on July 1st after receiving the interest due for $1,100. What entry will be made on the books of Jackson Company at the time the bond is sold?
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#1
Staff Member
7 years ago
Debit to Cash, $1,120, credit to Debt Investments, $1,000, credit to Gain on Sale of Debt Investments, $100, and credit to Interest Revenue, $20.
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