Interest payable semiannually problem

Reference no: EM13123097

Winrow Co. purchased 50, 6% Johnston Company bonds for $50,000 cash plus brokerage fees of $500. Interest is payable semiannually on July 1 and January 1. The entry to record the December 31 interest accrual would include:

a. debit to Interest Receivable for $1,500.

b. debit to Interest Revenue for $1,500.

c. credit to Interest Revenue for $1,515.

d. debit to Debt Investments for $1,500

Reference no: EM13123097

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