Ingles Company had the following transactions pertaining to debt securities held as an investment.
Jan. 1 Purchased 80, 6%, $1,000 Omega Company bonds for $80,000 cash. Interest is payable annually on January 1.
Dec. 31 Accrued $4,800 annual interest on Omega Company bonds.
Instructions
Journalize the purchase and the receipt of interest. Assume no interest has been accrued.

Question

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The Answer of Ingles Company had the following transactions pertaining to debt securities held as an investment.
Jan. 1 Purchased 80, 6%, $1,000 Omega Company bonds for $80,000 cash. Interest is payable annually on January 1.
Dec. 31 Accrued $4,800 annual interest on Omega Company bonds.
Instructions
Journalize the purchase and the receipt of interest. Assume no interest has been accrued.

Ingles Company Had the Following Transactions Pertaining to Debt Securities