The following bond investment transactions were completed during a recent year by starks company: year 1 jan. 31. purchased 75, $1,000 government bonds at 100 plus accrued interest of $375 (one month). the bonds pay 6% annual interest on july 1 and january 1. july 1. received semiannual interest on bond investment. aug. 30. sold 35, $1,000 bonds at 98 plus $350 accrued interest (two months).
a. journalize the entries for these transactions.
b. provide the december 31, year 1, adjusting journal entry for semiannual interest earned on the bonds.
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