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Pharoah Company purchased 90 Rinehart Company 9%, 10 year, 51,310 bonds on January 1, 2020, for $117.900. The bonds pay interest annually on January 1.
Pharoah Company purchased 90 Rinehart Company 9%, 10 year, 51,310 bonds on January 1, 2020, for $117.900. The bonds pay interest annually on January 1. Os January 1, 2021, after recepto Interest, Pharoah Company wold 60 of the bonds for $64.845. Prepare the journal entries to record the transactions described above. (Round answers to decimal places, 15.250. Credit account s are automatically indented when amount entered. Do not indent manually. If no entry is required, select "No entry for the account titles and enter for the amounts. Record journal entries the order presented by the problem.) Date Jan 1, 2020 Account Titles and Explanation Interest Receivable on 24 Dec 31, 2020 3 rest Receivable By Study 203 1,2021 Cash 30. 1, 2021 Cash cash Dec. 31, 2020 - Interest Receivable Interest Revenue T Jan. 1, 2021 Cash TODODO DO OUI OTOCI Interest Receivable (To record receipt of interest) Cash Jan. 1 Loss on Sale of Debt Investments Interest Receivable . (To record sale of bonds)
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