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28 Sep 2019
urgent need an hour will rate
Journalize the entries to record the following selected bond investment transactions for Southwest Bank: Refer to the Chart of Accounts for exact wording of account titles.
Apr. 1 Purchased $400,000 of Daytona Beach 4.5% bonds at 100 plus accrued interest of $4,500. July 1 Received the first semiannual interest. Sept. 1 Sold $250,000 of the bonds at 97, plus accrued interest of $1,875.
Chart Of Accounts
CHART OF ACCOUNTS Southwest Bank General Ledger ASSETS 110 Cash 120 Accounts Receivable 121 Allowance for Doubtful Accounts 131 Notes Receivable 132 Interest Receivable 141 Merchandise Inventory 151 Supplies 152 Prepaid Insurance 161 Investments-Daytona Beach Bonds 165 Valuation Allowance for Trading Investments 166 Valuation Allowance for Available-for-Sale Investments 181 Land 191 Equipment 192 Accumulated Depreciation-Equipment
LIABILITIES 210 Accounts Payable 221 Notes Payable 231 Interest Payable 241 Salaries Payable
EQUITY 311 Common Stock 312 Paid-In Capital in Excess of Par-Common Stock 321 Preferred Stock 322 Paid-In Capital in Excess of Par-Preferred Stock 331 Treasury Stock 332 Paid-In Capital from Sale of Treasury Stock 340 Retained Earnings 351 Cash Dividends 352 Unrealized Gain (Loss) on Available-for-Sale Investments 353 Stock Dividends 390 Income Summary
REVENUE 410 Sales 611 Interest Revenue 612 Dividend Revenue 631 Gain on Sale of Investments 641 Unrealized Gain on Trading Investments
EXPENSES 511 Cost of Merchandise Sold 512 Bad Debt Expense 522 Salaries Expense 531 Advertising Expense 532 Rent Expense 533 Insurance Expense 534 Supplies Expense 561 Depreciation Expense-Equipment 590 Miscellaneous Expense 710 Interest Expense 731 Loss on Sale of Investments 741 Unrealized Loss on Trading Investments
General Journal
Journalize each of the entries to record the selected bond investment transactions for Southwest Bank. Refer to the Chart of Accounts for exact wording of account titles.
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JOURNAL
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urgent need an hour will rate
Journalize the entries to record the following selected bond investment transactions for Southwest Bank: Refer to the Chart of Accounts for exact wording of account titles.
| Apr. 1 | Purchased $400,000 of Daytona Beach 4.5% bonds at 100 plus accrued interest of $4,500. |
| July 1 | Received the first semiannual interest. |
| Sept. 1 | Sold $250,000 of the bonds at 97, plus accrued interest of $1,875. |
Chart Of Accounts
| CHART OF ACCOUNTS | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Southwest Bank | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| General Ledger | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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General Journal
Journalize each of the entries to record the selected bond investment transactions for Southwest Bank. Refer to the Chart of Accounts for exact wording of account titles.
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JOURNAL
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Lelia LubowitzLv2
28 Sep 2019
Related questions
Journalize the entries to record the following selected bondinvestment transactions for Southwest Bank: Refer to the Chart ofAccounts for exact wording of account titles.
| Apr. 1 | Purchased $400,000 of Daytona Beach4.5% bonds at 100 plus accrued interest of $4,500. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| July 1 | Received the first semiannualinterest. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Sept. 1 | Sold $250,000 of the bonds at 97, plus accrued interest of$1,875.
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On August 1, Year 1, Ant Company sold Bee Company $1,500,000 of 10-year, 6% bonds, dated July 1 at 100 plus accrued interest. On March 1, Year 2, Bee sold half of the bonds for $782,500 plus accrued interest.
| Required: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Present entries to record the following transactions: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Bee Company: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| (a) | Purchase of bonds on August 1, Year 1. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| (b) | Receipt of first semiannual interest amount on December 31, Year 1. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| (c) | The sale of the bonds on March 1, Year 2. CHART OF ACCOUNTSAnt CompanyGeneral Ledger
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Journalize the entries to record the following selected bond investment transactions for Hall Trust (refer to the Chart of Accounts for exact wording of account titles):
| Apr. | 1 | Purchased for cash $378,000 of Oates City 3% bonds at 100 plus accrued interest of $2,835. |
| June | 30 | Received first semiannual interest payment. |
| July | 31 | Sold $152,400 of the bonds at 95 plus accrued interest of $381. |
| CHART OF ACCOUNTS | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Hall Trust | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| General Ledger | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Journalize the entries to record the transactions. Refer to the Chart of Accounts for exact wording of account titles.
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