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Prepare journal entries for the purchase and sale


Problem:

Milner Corporation had the following transactions pertaining to debt investments.

Jan. 1    Purchased 60, 8%, $1,000 Welch Company bonds for $60,000, plus brokerage fees of $800.
July 1    Sold 20 Welch Company bonds for $18,000, less $400 brokerage fees.

Instructions: Prepare journal entries for the purchase and sale of the Welch Company bonds..

Journalize the transactions.

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Accounting Basics: Prepare journal entries for the purchase and sale
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