Question

Suppose Moody's bond rating agency upgraded the risk rating of the bonds, and Mills decided to sell the investment on January 2, 2022, for $300 million. Prepare the journal entries required on the date of sale.

Answer 1

Based on the information given, it should be noted that a journal entry is used to record that transactions that take place in a business.

What is a journal entry?

Your information is incomplete. Therefore, an overview will be given. A journal entry simply means a book for recording the transactions in a company.

In order to prepare the journal entry, identify the accounts that are involved in the transaction. Then, determine the type of accounts that are involved.

Apply the appropriate accounting rules and record the transactions with a short description.

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