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Prepare the adjusting entry for the accrual of interest

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Question - Jenek Corporation had the following transactions pertaining to debt investments.

Jan. 1 Purchased 40 8%, $1,900 Leeds Co. bonds for $76,000 cash. Interest is payable semiannually on July 1 and January 1.

July 1 Received semiannual interest on Leeds Co. bonds.

July 1 Sold 24 Leeds Co. bonds for $51,680.

Required -

1. Journalize the transactions.

2. Prepare the adjusting entry for the accrual of interest at December 31.

Reference no: EM132464654

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