Milner Corporation had the following transactions pertaining to debt investments.
Jan. 1 Purchased 60, 8%, $1,000 Welch Company bonds for $60,000, plus brokerage fees of $800.
July 1 Sold 20 Welch Company bonds for $18,000, less $400 brokerage fees.
Instructions
Prepare journal entries for the purchase and sale of the Welch Company bonds.

Question

Quizplus · Accepted Answer

The Answer of Milner Corporation had the following transactions pertaining to debt investments.
Jan. 1 Purchased 60, 8%, $1,000 Welch Company bonds for $60,000, plus brokerage fees of $800.
July 1 Sold 20 Welch Company bonds for $18,000, less $400 brokerage fees.
Instructions
Prepare journal entries for the purchase and sale of the Welch Company bonds.

Milner Corporation Had the Following Transactions Pertaining to Debt Investments