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Patterson Company had the following transactions pertaining to debt securities held as an investment. --------- Jan. 1 Purchased 90, 6%, $1,000 MarksCompanybondsfor $90,000 cash plusbrokeragefees of...

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Patterson Company had the following transactions pertaining to debt securities held as an investment.
---------
Jan.
1
Purchased 90, 6%, $1,000 MarksCompanybondsfor $90,000 cash plusbrokeragefees of $950. Interest is payable semiannually on July 1 and January 1.
-----------------------
July
1
Received semiannual interest on Marks Company bonds.
--------------
Oct.
1
Sold 45 Marks Company bonds for $46,400 plusaccruedinterestless $500 brokerage fees.
A. journalize the transactionsb. prepare the adjusting entry for accrual interest on dec 31
Answered Same Day Dec 23, 2021

Solution

Robert answered on Dec 23 2021
119 Votes
Patterson Company had the following transactions pertaining to debt securities held as an investment.
---------
Jan. 1
Purchased 90, 6%, $1,000 Marks Company bonds for $90,000 cash plus
okerage fees of $950. Interest is payable
semiannually on July 1 and January 1.
-----------------------
July 1
Received semiannual interest on Marks Company bonds.
--------------
Oct.1
Sold 45 Marks Company bonds for $46,400 plus accrued interest less $500
okerage fees.

A....
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