On january? 1, 2017, dooley company purchases? $80,000, 5% bonds at a price of 86.4 and a maturity date of january? 1, 2027. dooley company intends to hold the bonds until their maturity date. interest is paid? semiannually, on january 1 and july 1. dooley company has a calendar year end. the entry for the receipt of interest on july? 1, 2017? is:

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27 February, 07:51

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Marissa · Answer 1

The answer is : debit Cash for $2,000 and credit Interest Revenue for $2,000.00

$80,000 * 5% * 1/2 = $2,000.00