Current Attempt in Progress Pharoah Corporation had the following transactions pertaining to debt investments. 1. Purchased 80 Leeds Co. 8% bonds (each with a face value of $1,000) for $80,000 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. Sold 70 Leeds Co. bonds for $76,300 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 O for the amounts. Record journal entries in the order presented in the problem.) No. Date Account Titles and Explanation Debit Credit

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Current Attempt in Progress
Pharoah Corporation had the following transactions pertaining to debt investments.
1.
Purchased 80 Leeds Co. 8% bonds (each with a face value of $1,000) for $80,000 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.
Sold 70 Leeds Co. bonds for $76,300 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 O for the amounts. Record journal
entries in the order presented in the problem.)
No.
Date
Account Titles and Explanation
Debit
Credit
Transcribed Image Text:Current Attempt in Progress Pharoah Corporation had the following transactions pertaining to debt investments. 1. Purchased 80 Leeds Co. 8% bonds (each with a face value of $1,000) for $80,000 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. Sold 70 Leeds Co. bonds for $76,300 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 O for the amounts. Record journal entries in the order presented in the problem.) No. Date Account Titles and Explanation Debit Credit
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