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Cardinal Paz Corp. carries an account in its general ledger called Investments, which contained debits for investment purchases, and no credits, with the following descriptions.
Cardinal Paz Corp. carries an account in its general ledger called Investments, which contained debits for investment purchases, and no credits, with the following descriptions. Feb. 1, 2014 Sharapova Company common stock, $118 par, 236 shares $41,100 April 1 U.S. government bonds, 12%, due April 1, 2024, interest payable April 1 and 112,000 October 1, 112 bonds of $1,000 par each July 1 McGrath Company 12% bonds, par $55,400, dated March 1, 2014, purchased 59,832 at 104 plus accrued interest, interest payable annually on March 1, due March 1, 2034 (a) Prepare entries necessary to classify the amounts into proper accounts, assuming that all the securities are classified as available-for-sale. (Credit account titles are automatically 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.) Account Titles and Explanation Debit Credit
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