Pharoah Corporation had the following transactions pertaining to debt investments. 1 Purchased 60 Leeds Co. 8% bonds (each with a face value of $1,000) for $60,000 cash. Interest is payable annually on January 1,2022 2 Accrued interest on Leeds Co. bonds on December 31, 2022. 3. Received interest on Leeds Co. bonds on January 1, 2023. 4. Sold 50 Leeds Co. bonds for $52,500 on January 1, 2023. Journalize the transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not Indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.) No. Date 2 3. Account Titles and Explanation Debit Cred
Pharoah Corporation had the following transactions pertaining to debt investments. 1 Purchased 60 Leeds Co. 8% bonds (each with a face value of $1,000) for $60,000 cash. Interest is payable annually on January 1,2022 2 Accrued interest on Leeds Co. bonds on December 31, 2022. 3. Received interest on Leeds Co. bonds on January 1, 2023. 4. Sold 50 Leeds Co. bonds for $52,500 on January 1, 2023. Journalize the transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not Indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.) No. Date 2 3. Account Titles and Explanation Debit Cred
Financial Accounting
14th Edition
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Carl Warren, Jim Reeve, Jonathan Duchac
Chapter14: Long-term Liabilities: Bonds And Notes
Section: Chapter Questions
Problem 6PB
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