Unformatted text preview: example, if one of the bonds was sold for $1,050 on June 1, the entry would include a loss of $60, the difference between the cost of $1,110 ($5,550 total acquisition cost divided by 5 bonds acquired) and the proceeds of $1,050. General Journal Date Account Title and Description Ref. Debit Credit 20X1 June 1 Cash 1,050 Loss on Sale of Debt Investments 60 Debt Investments 1,110 Sale of one VEI bond...
View Full Document
- Spring '09
- Finance, $1,050, $1,110, $5,550