Question
Quagle Company had the following transactions pertaining to debt investments. 2017 Jan. 1 Purchased 40, 8%, $1,000 Steve Company bonds for $40,000 cash. Interest is
Quagle Company had the following transactions pertaining to debt investments.
2017
Jan. 1 Purchased 40, 8%, $1,000 Steve Company bonds for $40,000 cash. Interest is payable annually on January 1.
Dec. 31 Accrued annual interest on Steve Company bonds.
2018
Jan. 1 Received interest from Steve Company bonds.
Jan. 1 Sold 24 Steve Company bonds for $26,000.
Instructions
Journalize the transactions.
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Financial Accounting and Reporting
Authors: Barry Elliott, Jamie Elliott
17th edition
978-0273778172, 027377817X, 978-1292080505
