On august 1 2004 the mccellen company acquired 100000 8, Ask an Expert

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On August 1, 2004, the McCellen Company acquired $100,000, 8% bonds of Lankford Co. for $104,000 plus accrued interest. The bonds were dated August 1, 2004, and mature on July 31, 2009, with interest payable each January 31 and July 31. McCellen plans on holding the bonds until their maturity.

What entry should McCellen make to record the purchase of the bonds on August 1, 2004?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M948303

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