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  3. 14 alan company purchased $400,000 of abc co. 5%

14 Alan Company purchased $400,000 of ABC Co. 5% bonds at 100 plus accrued...

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Question

Accounting

14

Alan Company purchased $400,000 of ABC Co. 5% bonds at 100 plus accrued interest of $4,500. Alan later sold $250,000 of the bonds at 97. The journal entry for the purchase would include a

a. credit to Interest Receivable for $4,500

b. debit to Interest Revenue for $4,500

c. credit to Interest Revenue for $4,500

d. debit to Interest Receivable for $4,500

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