Charleston Co. purchased 60, 6% APS Company bonds for $60,000 cash plus brokerag
ID: 2379870 • Letter: C
Question
Charleston Co. purchased 60, 6% APS Company bonds for $60,000 cash plus brokerage fees of $500. Interest is payable semiannually on July 1 and January 1. The entry to record the December 31 interest accrual would include a
debit to Interest Receivable for $1,800.
debit to Interest Revenue for $1,800.
credit to Interest Revenue for $3,600.
debit to Debt Investments for $1,800.
debit to Interest Receivable for $1,800.
debit to Interest Revenue for $1,800.
credit to Interest Revenue for $3,600.
debit to Debt Investments for $1,800.
Explanation / Answer
debit to Interest Revenue for $1,800