(Answered) Question - entries for held-to-maturity securitieson

Accounting

Question - Entries for Held-to-Maturity Securities

On January 1, 2012, Jennings Company purchased at par 10% bonds having a maturity value of $300,000 . They are dated January 1, 2012, and mature January 1, 2017, with interest receivable December 31 of each year. The bonds are classified in the held-to-maturity category.

Instructions:

(a) Prepare the journal entry at the date of the bond purchase.

(b) Prepare the journal entry to record the interest received for 2012.

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