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Prepare the adjusting entry for the accrual of interest

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Waldo Corporation had the following transactions pertaining to debt investments.

Jan. 1 Purchased 30, $1,000 Hillary Co. 10% bonds for $30,000, plus brokerage fees of $900.

Interest is payable semiannually on July 1 and January 1.

July 1 Received semiannual interest on Hillary Co. bonds.

July 1 Sold 15 Hillary Co. bonds for $15,000, less $400 brokerage fees.

(a) Journalize the transactions, and (b) prepare the adjusting entry for the accrual of interest on December 31

Reference no: EM13527233

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