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Prepare the adjusting entry for the accrual of interest

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Question - Glaser Company had the following transactions pertaining to debt securities held as a short-term investment. 2017 Jan. 1 Purchased 40, 8%, $1,000 Adcock Company bonds for $40,000 cash. Interest is payable annually on January 1.

Dec. 31 Accrued the annual interest on Adcock Company bonds.

2018

Jan. 1 Received the accrued interest and sold 30 Adcock Company bonds for $32,000.

Instructions -

(a) Journalize the transactions.

(b) Prepare the adjusting entry for the accrual of interest on December 31, 2017.

Reference no: EM132563989

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