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Prepare the adjusting entry for the accrual of interest

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Reference no: EM131987694

Question - Provide answers for Mr. Willington

Floyd Corporation had the following transactions pertaining to debt investments.

Jan 1 purchased 50 8%, 1,000 Petal Co. bonds for $50,000 cash plus brokerage fees $900. Interest is payable semiannually on July 1 and January 1.

July 1 Received semiannual interest on Petal Co. bonds.

July 1 Sold 30 Petal Co. bonds for $34,000 less $500 brokerage fees.

Instructions:

(a) Journalize the transactions.

(b) Prepare the adjusting entry for the accrual of interest at December 31.

Reference no: EM131987694

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