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Quagle Company had the following transactions pertaining to debt investments. 2017 Jan. 1 Purchased 40, 8%, $1,000 Steve Company bonds for $40,000...
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Question

Quagle Company had the following transactions pertaining to debt investments.2017

Jan.    1   Purchased 40, 8%, $1,000 Steve Company bonds for $40,000 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 $26,000.

Instructions 

Journalize the transactions.

Step-by-step answer

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Subject: Accounting, Business

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