On january 1 2010 milton company purchased at face value a, Ask an Expert

Accounting

On January 1, 2010, Milton Company purchased at face value, a $1,000, 6% bond that pays interest on January 1 and July 1. Milton Company has a calendar year end.

The entry for the receipt of interest on July 1, 2010, is

a. cash............................ 30
Interest Revenue............ 30

b. Cash............................ 60
Interest Revenue............ 60

c. Interest Receivable............. 30
Interest Revenue.......... 30

d. Interest Receivable............. 60
Interest Revenue.......... 60

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9403319

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