On January 14, Blackwell Corporation purchased 20, 11%, $1,000 Gooding Company bonds for $20,000, plus brokerage fees

Question:

On January 14, Blackwell Corporation purchased 20, 11%, $1,000 Gooding Company bonds for $20,000, plus brokerage fees of $400. On November 30, the company sold 10 of the Gooding Company bonds for $11,000, less $300 brokerage fees. Prepare journal entries for the purchase and sale of the Gooding Company bonds.

Corporation
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...