Journal entry record on stanton

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Reference no: EM13145493

On may 1, 2010, stanton company purchased 50000 of harris company's 12% bonds at 100 plus accured interest of $2,000. On June 30,2010, Stanton received its first semiannual interest. On February 1, 2011, Stanton sold 40,000 of the bonds at 103 plus accured interest . The journal entry Stanton will record on June 30, 2010, will include:

a- a credit to interest revenue for 2,000

b- a debit to cash for 3000

c- a debit to cash for 2000

d- a credit to interest receivable for 1000

Reference no: EM13145493

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Journal entry record on stanton : On may 1, 2010, stanton company purchased 50000 of harris company's 12% bonds at 100 plus accured interest of $2,000. On June 30,2010, Stanton received its first semiannual interest. On February 1, 2011, Stanton sold 40,000 of the bonds at 103 plu..

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