Albright Company purchased as a long-term investment $500,000 of Benton Corporation 10-year, 9% bonds. Required: Present entries to record the following selected transactions: Refer to the Chart of Accounts for exact wording of account titles.

March 1 Purchased bonds at their face amount for $500,000.

May 1 Sold half the bonds at 98 plus accrued interest of $3,750. The broker deducted $200 for brokerage fees and taxes, remitting the balance.

(6 JOURNAL BOXES TO FILL)

CHART OF ACCOUNTS

Albright Company

General Ledger

	ASSETS
110	Cash
120	Accounts Receivable
121	Allowance for Doubtful Accounts
131	Notes Receivable
132	Interest Receivable
141	Merchandise Inventory
151	Supplies
152	Prepaid Insurance
161	Investments-Benton Corporation Bonds
165	Valuation Allowance for Trading Investments
166	Valuation Allowance for Available-for-Sale Investments
181	Land
191	Equipment
192	Accumulated Depreciation-Equipment

	LIABILITIES
210	Accounts Payable
221	Notes Payable
231	Interest Payable
241	Salaries Payable

	EQUITY
311	Common Stock
312	Paid-In Capital in Excess of Par-Common Stock
321	Preferred Stock
322	Paid-In Capital in Excess of Par-Preferred Stock
331	Treasury Stock
332	Paid-In Capital from Sale of Treasury Stock
340	Retained Earnings
351	Cash Dividends
352	Unrealized Gain (Loss) on Available-for-Sale Investments
353	Stock Dividends
390	Income Summary

	REVENUE
410	Sales
611	Interest Revenue
612	Dividend Revenue
631	Gain on Sale of Investments
641	Unrealized Gain on Trading Investments