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Prepare the journal entry of the date of the bond purchase

On January 1, 2017 Bomita Company purchased at par 6% bonds having a maturity value of $320,000. They are dated January 1, 2017, and mature January 1, 2022 with interest received on January 1, of each year. The bonds are classified in the held-to maturity category.

(a) Prepare the Journal entry of the date of the bond purchase.

(b) Prepare the journal entry to record the interest revenue on December 31, 2017

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Accounting Basics: Prepare the journal entry of the date of the bond purchase

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Accounting Basics: Prepare the journal entry of the date of the bond purchase

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