On April 1, 2017 the Reba Company purchased 10%, $800,000 bonds of the Trading Up Company at par plus accrued interest. These bonds were classified as an investment in trading securities. The bonds pay interest on June 30 and December 31 each year. The entry by Reba on April 1, 2017, would include a: _________

Question

17-03-2022
Business

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On April 1, 2017 the Reba Company purchased 10%, $800,000 bonds of the Trading Up Company at par plus accrued interest. These bonds were classified as an investment in trading securities. The bonds pay interest on June 30 and December 31 each year. The entry by Reba on April 1, 2017, would include a: _________

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anthougo anthougo · Answer 1 · 2022-03-29T12:00:43+02:00

The entry by Reba Company on April 1, 2017, would include a debit to Bonds Receivable and a credit to Cash account of $800,000, respectively.

What is the journal entry for the purchase of bonds?

The journal entry for the purchase of bonds is to debit the Bonds Receivable account and credit the Cash account with the amount paid unless the bonds' prices were higher or fewer than the face value.

Data Analysis:

April 1, 2017:

10%, Bonds Receivable $800,000

Cash $800,000

Learn more about recording business transactions at https://brainly.com/question/17201601