Gillooly Co. purchased $81,000 of 9%, 10-year Lumpkin County bonds on May 11, Year 1, directly from the county, at their face amount plus accrued interest. The bonds pay semiannual interest on April 1 and October 1. On October 31, Year 1, Gillooly Co. sold $36,000 of the Lumpkin County bonds at 103 plus $270 accrued interest less a $1,210 brokerage commission.

Journalize the entries to record the following: Do not round interim calculations. Round final answers to nearest dollar. If an amount box does not require an entry, leave it blank. Assume a 360-day year.

Question Content Area

a. The purchase of the bonds on May 11 plus 40 days of accrued interest.

Year 1 May 11

b. Semiannual interest on October 1.

Year 1 Oct. 1 - Select -- Select - - Select -- Select - - Select -- Select -

c. Sale of the bonds on October 31.

Year 1 Oct. 31 - Select -- Select - - Select -- Select - - Select -- Select - - Select -- Select -

d. Adjusting entry for accrued interest on December 31, Year 1.

Year 1 Dec. 31 - Select -- Select - - Select -- Select -

e. The receipt of the face value of the remaining bonds at their maturity on April 1, Year 20.

Year 20 Apr. 1 - Select -- Select - - Select -- Select