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Parilo Company acquired $172,200 of Makofske Co., 5% bonds on May 1, 2016, at their face amount.
Interest is paid semiannually on May 1 and November 1.
On November 1, 2016, Parilo Company sold $46,800 of the bonds for 95.
Journalize entries to record the following
May1 Initial acquisition of the bonds
Nov.1 Semi annual interest received 1Sale of the bonds
Dec.31 Accrual of $1,045 interest.
Suppose the company decides it needs to be more aggressive in collecting receivables to reduce carrying costs. In order to accomplish this, it contracts with a vendor to provide follow-up services for a quarterly cost of $500 per account (customer).
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