Ingles Company had the following transactions pertaining to debt securities held as an investment.
Jan. 1 $\quad $ Purchased 60, 8%, $1,000 Omega Company bonds for $60,000 cash. Interest is payable semiannually on July 1 and January 1.
July 1 $\quad $Received $2,400 semiannual interest on Omega Company bonds.
Instructions
Journalize the purchase and the receipt of interest. Assume no interest has been accrued.

Question

Ingles Company had the following transactions pertaining to debt securities held as an investment.
Jan. 1 $\quad $ Purchased 60, 8%, $1,000 Omega Company bonds for $60,000 cash. Interest is payable semiannually on July 1 and January 1.
July 1  $\quad $Received $2,400 semiannual interest on Omega Company bonds.
Instructions
Journalize the purchase and the receipt of interest. Assume no interest has been accrued.

Quizplus · Accepted Answer

The Answer of Ingles Company had the following transactions pertaining to debt securities held as an investment.
Jan. 1 $\quad $ Purchased 60, 8%, $1,000 Omega Company bonds for $60,000 cash. Interest is payable semiannually on July 1 and January 1.
July 1  $\quad $Received $2,400 semiannual 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 \quad

Ingles Company Had the Following Transactions Pertaining to Debt Securities $\quad$