Quagle Company had the following transactions pertaining to debt investments.
2017
Jan. 1 Purchased 40 8% $1000 Steve Company bonds for $40000 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 $26000.
Instructions
Journalize the transactions.

Question

Quizplus · Accepted Answer

The Answer of Quagle Company had the following transactions pertaining to debt investments.
2017
Jan. 1 Purchased 40 8% $1000 Steve Company bonds for $40000 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 $26000.
Instructions
Journalize the transactions.

Quagle Company Had the Following Transactions Pertaining to Debt Investments