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The following are selected bond investment transactions for Madison Inc. Purchased for cash $270,000 of Meriweather Co. 7% bonds at 100 plus accured interest of

The following are selected bond investment transactions for Madison Inc.

Purchased for cash $270,000 of Meriweather Co. 7% bonds at 100 plus accured interest of $3,150.

Received first semiannual interest.

Sold $180,000 of the bonds at 102 plus accrued interest of $2,250.

Instructions: Prepare journal entries to record the preceding transactions.

JOURNAL

DATE DESCRIPTION DEBIT CREDIT

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