Odlaw Corporation had the following transactions relating to debt investments: Jan. 1 Purchased 50, $1,000, 12% Clinton
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Odlaw Corporation had the following transactions relating to debt investments:
Jan. 1 Purchased 50, $1,000, 12% Clinton Company bonds for $50,000 plus broker’s fees of $1,500. Interest is payable semiannually on January 1 and July 1
July 1 Received semiannual interest from Clinton Company bonds.
July 1 Sold 30 Clinton Company bonds for $30,000, less $800 broker’s fees.
(a) Journalize the transactions, and
(b) Prepare the adjusting entry for the accrual of interest on December 31.
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...
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a Jan 1 Debt Investments 51500 Cash 51500 July 1 Cash 3000 ...View the full answer
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Related Book For 
Accounting Principles
ISBN: 978-0470533475
9th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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