FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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prepare 6-column.

PROBLEM 1(Use 6-column worksheet)
The following account appears on the books of ELOHIM Company. Prepare any necessary
correcting entries, assuming that the debt investment is designated @ amortized cost
securities, the term is ten years.
Unit
Date
Transactions
Debit
Credit
Cost
8/1/2008 Purchased 10 bonds at 90 plus interest of P400
900
9,400
10/1/2008 Received P600 interest
600
11/1/2008 Sold 5 bonds, sales price plus interest, less commission
4,400
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Transcribed Image Text:PROBLEM 1(Use 6-column worksheet) The following account appears on the books of ELOHIM Company. Prepare any necessary correcting entries, assuming that the debt investment is designated @ amortized cost securities, the term is ten years. Unit Date Transactions Debit Credit Cost 8/1/2008 Purchased 10 bonds at 90 plus interest of P400 900 9,400 10/1/2008 Received P600 interest 600 11/1/2008 Sold 5 bonds, sales price plus interest, less commission 4,400
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