Sprague Corporation purchased debt investments for $40,800 on January 1, 2014. On July 1, 2014, Sprague received

Question:

Sprague purchased debt investments for $40,800 on January 1, 2014. On July 1, 2014, Sprague received cash interest of $1,660. Journalize the purchase and the receipt of interest. Assume no interest has been accrued.

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...