Question
Float Corporation had the following transactions pertaining to debt investments. Jan. 1 Purchased 100 8%, $1,000 Qaiz Co. bonds for $100,000 cash plus brokerage fees
- Float Corporation had the following transactions pertaining to debt investments.
Jan. 1 Purchased 100 8%, $1,000 Qaiz Co. bonds for $100,000 cash plus brokerage fees of $1,800. Interest is payable semiannually on July 1 and January 1.
July 1 Received semiannual interest on Qaiz Co. bonds.
July 1 Sold 60 Qaiz Co. bonds for $68,000 less $1,000 brokerage fees.
Required:
- Journalize the transactions.
Prepare the adjusting entry for the accrual of interest at December 31.
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AML Auditing Understanding Fraud And Embezzlement What Every AML KYC Auditor Should Know
Authors: Bob Walsh
1st Edition
1539591794, 978-1539591795
