Phelps Corporation purchased debt investments for ($ 41,500) on January 1, 1998 . On July 1, 1998,

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Phelps Corporation purchased debt investments for \(\$ 41,500\) on January 1, 1998 . On July 1, 1998, Phelps received cash interest of \(\$ 2,075\). Journalize the purchase and the receipt of interest. Assume no interest has been accrued.

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Financial Accounting Tools For Business Decision Making

ISBN: 9780471169192

1st Edition

Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso

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