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On January 1, 2018, Upscale Industries purchased S5,000 o 5% RKB bonds at a price o 100 par, Upscale intends to hold he bonds until ther atu y date of an ry 1 2 The bonds ay nt est sem ann a one anuary 1 a July 1. Record the initial purchase of the bonds on January 1, 2018, and the receipt of the interest on the first interest payment date of July 1, 2018. (Record debits first, then credits. Exclude explanations from any journal entries.) First, record the initial purchase of the bonds on January 1, 2018. Journal Entry counts ebit Jan Now record the receipt of the interest on the first interest payment date of July 1, 2018. Journal Entry Date Accounts Debit Credit Jul