60.1K

Verified Solution

Link Copied!

Bentz Corporation bought and sold several securities during $2024.$ Listed below is a summary of the transactions:

February $17$ Purchased $$103,000$ of U$.$S$.$ Treasury $7\%$ bonds at par plus accrued interest of $$1,100.$ The security is

April $10$ Purchased $510$ shares of Gauges Incorporated common stock at $$141$ per share. This security will be hell

August $8$

October $5$ Sold half of the U$.$S$.$ Treasury bonds for $$52,000$ plus accrued interest of $$310.$

Required:

Prepare the journal entries for the above transactions.

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.

Journal entry worksheet

$1$

$2$

$3$

$4$

$5$

$6$

Purchased $$103,000$ of U$.$S$.$ Treasury $7\%$ bonds at par plus accrued interest of $$1,100.$ The security is to be held for short$-$term profits.

Note: Enter debits before credits.

$\backslash$table$[[$Date$,$General Journal,Debit,Credit$],[$February $17,,,],[,,,],[,,,],[,,,],[,,,]]$

Prev

$7$ of $10$

Next

Bentz Corporation bought and sold several securities during $2024.$ Listed below is a summary of the transactions:

February $17$ Purchased $$103,000$ of U$.$S$.$ Treasury $7\%$ bonds at par plus accrued interest of $$1,100.$ The security is $1$

April $10$ Purchased $510$ shares of Gauges Incorporated common stock at $$141$ per share. This security will be helc time.

August $8$ Sold $110$ shares of Gauges Incorporated for $$151$ per share.

October $5$ Sold half of the U$.$S$.$ Treasury bonds for $$52,000$ plus accrued interest of $$310.$

Required:

Prepare the journal entries for the above transactions.

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.

Journal entry worksheet

$1$

$2$

$3$

$4$

$5$

$6$

Record the updation of the fair value adjustment.

Note: Enter debits before credits.

$\backslash$table$[[$Date$,$General Journal,Debit,Credit$],[$August $08,,,],[,,,],[,,,],[,,,],[,,,]]$

Answer & Explanation Solved by verified expert

See Answer