Business, 22.04.2020 03:20 jazmyn1314

Bocelli Co. purchased $120,000 of 6%, 20-year Sanz County bonds on May 11, Year 1, directly from the county, at their face amount plus accrued interest. The bonds pay semiannual interest on April 1 and October 1. On October 31, Year 1, Bocelli Co. sold $30,000 of the Sanz County bonds at 99 plus $150 accrued interest less a $100 brokerage commission.
Provide journal entries for the following (refer to the Chart of Accounts for exact wording of account titles):a. The purchase of the bonds on May 11 plus 40 days of accrued interest; assume a 360-day year. b. Semiannual interest on October 1.c. Sale of the bonds on October 31.

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Bocelli Co. purchased $120,000 of 6%, 20-year Sanz County bonds on May 11, Year 1, directly from the...

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