On may 1 2010 stanton company purchased 50000 of harris, Ask an Expert

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On may 1, 2010, stanton company purchased 50000 of harris company's 12% bonds at 100 plus accured interest of $2,000. On June 30,2010, Stanton received its first semiannual interest. On February 1, 2011, Stanton sold 40,000 of the bonds at 103 plus accured interest . The journal entry Stanton will record on June 30, 2010, will include:

a- a credit to interest revenue for 2,000

b- a debit to cash for 3000

c- a debit to cash for 2000

d- a credit to interest receivable for 1000

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9435637

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