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Reversing journal entries at the beginning of every year

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Reference no: EM131751994

Question: On 6/30/2013, Company ABC purchased bonds with a face value at $1,000,000 and 8% annual interest. Interests are payable on 6/30 every year. On 12/31/2013, ABC accrued interest revenue for half a year. Prepare necessary journal entries for year 2014, assuming that

i) the accountant does not use reversing journal entries at the beginning of every year

ii) the accountant use reversing journal entries at the beginning of every year.

Reference no: EM131751994

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