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On march 1, 2021 Holmes Corporation used excess cash to purchase U.S. Treasury bonds for 93,000 plus accrued interest. The bonds were purchased at face amount. The interest rate is 6%. Interest in these bonds is paid twice a year on January 1 and July 1 of each year. Holmes investment is accounted for as held-to-maturity. The fair value of the Treasury bonds is 94,000 at the end of the year.
Required:
Problem 1: Record the purchase of U.S. Treasury bonds for cash and accrued interest
Problem 2: Record the cash received for interest revenue and receivable
Problem 3: Record the entry for interest received
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