ournalize the entries to record the following selected bond investment transactions for Dip, Inc. You MUST use the accounts outlined in the Chapter 15 narrated PowerPoint presentations – the accounts in your textbook aren’t descriptive enough. Journal entry descriptions are not required. *(Must include all supporting calculations) Date Transaction Description 4/1/2022 Purchased for cash, $50,000 of Bump, Inc. 9% bonds at 100 plus accrued interest. The bonds pay interest on January 31st and July 31st. 7/31/2022 Received the semiannual interest payment. 10/31/2022 Sold $20,000 of bonds at 104 plus accrued interest. 12/31/2022 Accrued interest. 12/31/2022 Marked the debt investments to a market value of $34,000. The debt investments are classified as available for sale investments. 12/31/2023 Market the debt investments to a market value of $31,000. The debt investments are classified as available for sale investments.
Journalize the entries to record the following selected bond investment transactions for Dip, Inc. You MUST use the accounts outlined in the Chapter 15 narrated PowerPoint presentations – the accounts in your textbook aren’t descriptive enough.
Date Transaction Description
4/1/2022 Purchased for cash, $50,000 of Bump, Inc. 9% bonds at 100 plus accrued interest.
The bonds pay interest on January 31st and July 31st.
7/31/2022 Received the semiannual interest payment.
10/31/2022 Sold $20,000 of bonds at 104 plus accrued interest.
12/31/2022 Accrued interest.
12/31/2022 Marked the debt investments to a market value of $34,000. The debt investments are classified as available for sale investments.
12/31/2023 Market the debt investments to a market value of $31,000. The debt investments are classified as available for sale investments.
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