Question
On July 1, 2019, Wolfpack Corporation purchased securities which it intends to buy and sell frequently. These securities consisted of Todd Corporation 10%, 5-year bonds
On July 1, 2019, Wolfpack Corporation purchased securities which it intends to buy and sell frequently. These securities consisted of Todd Corporation 10%, 5-year bonds with a face value of $21,000 which were purchased for $19,500. Required: Prepare the July 1 journal entry to record the purchase of these trading securities.
Prepare the July 1 journal entry to record the purchase of these trading securities.
GENERAL JOURNAL
| DATE | ACCOUNT TITLE | POST. REF. | DEBIT | CREDIT | |
|---|---|---|---|---|---|
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Leading The Internal Audit Function
Authors: Lynn Fountain
1st Edition
0367568004, 9780367568009
