smhart83
Jan 28, 2012, 11:15 PM
(a) Journalize the transactions.
Jan. 1 Purchased 50 8%, $1,000 Choate Co. Bonds for $50,000 cash plus brokerage fees of
$900. Interest is payable semiannually on July 1 and January 1.
July 1 Received semiannual interest on Choate Co. Bonds.
July 1 Sold 30 Choate Co. Bonds for $34,000 less $500 brokerage fees.
Jan. 1 Purchased 50 8%, $1,000 Choate Co. Bonds for $50,000 cash plus brokerage fees of
$900. Interest is payable semiannually on July 1 and January 1.
July 1 Received semiannual interest on Choate Co. Bonds.
July 1 Sold 30 Choate Co. Bonds for $34,000 less $500 brokerage fees.