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Alinara [238K]
3 years ago
10

On January 1, 2020, Sheffield Company purchased at face value, a $1230, 10% bond that pays interest on January 1. Sheffield Comp

any has a calendar year end. The adjusting entry on December 31, 2020, is:
Business
1 answer:
kupik [55]3 years ago
4 0

Answer:

Dr Interest receivable 123

    Cr Interest revenue 123

Explanation:

Since Sheffield Company purchased the bonds at face value, all they need to report is accrued interest receivable. Since the interest is paid on January 1, they already have earned a year worth of interest.

Dr Interest receivable 123 (= $1,230 x 10%)

    Cr Interest revenue 123

The next day, January 1, you will need to record the interest received:

Dr Cash 123

    Cr Interest receivable 123

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