Question
Quagle Company had the following transactions pertaining to debt securities held as a short-term investment. Jan. 1 Purchased 40, 8%, $1,000 Steve Company bonds for
Quagle Company had the following transactions pertaining to debt securities held as a short-term investment.
Jan. 1 Purchased 40, 8%, $1,000 Steve Company bonds for $40,000 cash. Interest is payable semiannually on July 1 and January 1.
July 1 Received semiannual interest on Steve Company bonds.
Oct. 1 Sold 24 Steve Company bonds for $26,000 plus accrued interest.
Instructions: Journalize the transaction
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Financial Accounting For MBAs
Authors: Peter D. Easton, John J. Wild, Robert F. Halsey, Mary Lea McAnally
6th Edition
161853100X, 978-1618531001
