India Inc., a public company, had the following transactions pertaining to debt investments held for trading purposes:
Jan 1 Purchased 60, 8%, $ 1,000 English Corp. bonds for $ 60,000. Interest is payable semi-annually on July 1 and January 1
Jul 1 Received semi-annual interest on English Corp. bonds.
1 Sold 30 English Corp. bonds for $ 32,000.
Dec 31 English Corp. bonds were trading at 101.
Instructions
a) Journalize the transactions.
b) Prepare the required adjusting journal entries at December 31.

Question

Quizplus · Accepted Answer

The Answer of India Inc., a public company, had the following transactions pertaining to debt investments held for trading purposes:
Jan 1 Purchased 60, 8%, $ 1,000 English Corp. bonds for $ 60,000. Interest is payable semi-annually on July 1 and January 1
Jul 1 Received semi-annual interest on English Corp. bonds.
1 Sold 30 English Corp. bonds for $ 32,000.
Dec 31 English Corp. bonds were trading at 101.
Instructions
a) Journalize the transactions.
b) Prepare the required adjusting journal entries at December 31.

India Inc, a Public Company, Had the Following Transactions Pertaining to to Debt