Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

do not answer this unless you complete the following: use the given vocabulary from chart of accounts AND put digitally into accounting journal( please do

do not answer this unless you complete the following: use the given vocabulary from chart of accounts AND put digitally into accounting journal( please do not upload an answer without putting it in this specific format)
image text in transcribed
image text in transcribed
Journalize the entries fo record the following selected bond investment transactions for Hall Trust (refer fo the Chart of Accounts for exact wording of account titles): Apr. 1 Purchased for cash $240,000 of Medina City 6% bonds at 100 plus accrued interest of $3,600, paying interest semiannually. June 30 Received first semiannual interest payment. July 31 Sold $120,000 of the bonds at 98 plus accrued interest of $600. 110 Cash 410 Sales 111 Petty Cash 120 Accounts Receivable 121 Allowance for Doubtful Accounts 131 Notes Receivable 132. Interest Recelvable 141 Merchandise inventory 145 Office Supplies 161 Investments-Medina City Bonds 165 Valuation Allowance for Trading Investments 166 Valuation Allowance for Available-for-Sale Investments 181 Land 193 Office Equipment 194 Accumulated Depreciation-Office 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 Siock 321 Preferred Stock 322. Paid-In Capital in Excess of Par-Preferred Slock 331. Treasury Stock 332. Paid-in Capital from Sale of Treasury Slock 340 Retained Earnings 350 Unrealized Gain (Loss) on Avallable-tor-Sale Investments 351 Cash Dividends 352 Stock Dividends 390 income Summary 611 Interest Revenue 612 Dividend Revenue 631 Gain on Sale of investments 641 Unrealzed Gain on Trading Investments EXPENSES 511 Cost of Merchandise Sold 512 Bad Debt Expense 516 Cash Short and Over 520 Salaries Expense 531 Advertising Expense 534 Selling Expenses 535 Rent Expense 537 Ofice Supplies Expense 562 Depreciation Expense-Office Equipment 590 Miscellaneous Expense 710 interest Expense 731 Loss on Sale of Investments 741 Unreakzed Loss on Trading investments

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting Principles

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

9th Edition

978-0470317549, 9780470387085, 047031754X, 470387084, 978-0470533475

More Books

Students also viewed these Accounting questions