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On January 2, Westies Company purchased 30, 10%, $1,000 Boswell Company bonds for $30,000 cash, Interest is payable annually on January 1. On December 31,
On January 2, Westies Company purchased 30, 10%, $1,000 Boswell Company bonds for $30,000 cash, Interest is payable annually on January 1. On December 31, the company made the necessary adjusting entry for the Boswell Company bonds. Journalize the entries to record the purchase of the bonds and the accrual of the interest.
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