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Demopoulos Company acquired $183,000 of Marimar Co., 6% bonds on May 1 at their face amount. Interest is paid semiannually on May 1 and November
Demopoulos Company acquired $183,000 of Marimar Co., 6% bonds on May 1 at their face amount. Interest is paid semiannually on May 1 and November 1. On November 1, Demopoulos Company sold $45,600 of the bonds for 95.
Journalize the entries to record the following:
If an amount box does not require an entry, leave it blank.
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a. The initial acquisition of the bonds on May 1.
May 1 | CashInterest ReceivableInterest RevenueInvestments-Marimar Co. BondsNotes Receivable | - Select - | - Select - |
CashInterest ReceivableInterest RevenueInvestments-Marimar Co. BondsNotes Receivable | - Select - | - Select - |
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b. The semiannual interest received on November 1.
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c. The sale of the bonds on November 1.
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d. The accrual of $1,374 interest on December 31.
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