Question
Flynn Company purchased 70 Rinehart Company 12%, 10-year, $1,000 bonds on January 1, 2015, for $70,000. The bonds pay interest semiannually on July 1 and
Flynn Company purchased 70 Rinehart Company 12%, 10-year, $1,000 bonds on January 1, 2015, for $70,000. The bonds pay interest semiannually on July 1 and January 1. On January 1, 2016, after receipt of interest, Flynn Company sold 40 of the bonds for $38,500.
Prepare the journal entries to record the transactions described above.
| Account Titles | Debit | Credit | ||||
| January 1, 2015 | ||||||
| July 1, 2015 | ||||||
| December 31, 2015 | ||||||
| January 1, 2016 | ||||||
| January 1, 2016 | ||||||
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Value Based Management For Accounts Receivable
Authors: Kimberly Don Ketron
1505911184, 978-1505911183
