Glaser Company Had the Following Transactions Pertaining to Debt Securities

question 17

Essay

Glaser Company had the following transactions pertaining to debt securities held as a short-term investment.
Jan. 1 Purchased 50, 8%, $1,000 Adcock Company bonds for $50,000 cash plus brokerage fees of $800. Interest is payable semiannually on July 1 and January 1.
July 1 Received semiannual interest on Adcock Company bonds.
Oct. 1 Sold 30 Adcock Company bonds for $32,000 plus accrued interest less $500 brokerage fees.
Instructions
(a) Journalize the transactions.
(b) Prepare the adjusting entry for the accrual of interest on December 31.

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