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adjusting entry for the accrual of interest on December 31

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adjusting entry for the accrual of interest on December 31 Grouse Company had the following transactions pertaining to debt securities held as a short-term investment. Jan. 1 Purchased 50, 8%, $1,000 Allen Company bonds for $50,000 cash plus brokerage fees of $800. Interest is payable semiannually on July 1 and January 1. July 1 Received semiannual interest on Allen Company bonds. Oct. 1 Sold 30 Allen Company bonds for $32,000 plus accrued interest less $500 brokerage fees. Instructions (a) Journalize the transactions. (b) Prepare the adjusting entry for the accrual of interest on December 31. Business Assignment Help, Business Homework help, Business Study Help, Business Course Help

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