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$1.00 Acc423 When an investor's accounting period ends on a date that does NOT coincide with an interest receipt date

Found in Business: Accounting
Chapter 1, # 0
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ijomster
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Q:

When an investor's accounting period ends on a date that does NOT coincide with an interest receipt date for bonds held as an investment, the investor must

            A.  make an adjusting entry to debit Interest Receivable and to credit Interest Revenue for the total amount of interest to be received at the next interest receipt date.

            B.  do nothing special and ignore the fact that the accounting period does NOT coincide with the bond's interest period.

            C.  notify the issuer and request that a special payment be made for the appropriate portion of the interest period.

            D.  make an adjusting entry to debit Interest Receivable and to credit Interest Revenue for the amount of interest accrued since the last interest receipt date.

 

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Acc423 When an investor's accounting period ends on a date that does NOT coincide with an interest receipt date
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  • Posted on Jan 31, 2012 at 9:16:51PM
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