Pharoah Corporation had the following transactions pertaining to debt investments. 1. Purchased 80 8%, $1,800 Leeds...

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Pharoah Corporation had the following transactions pertaining to debt investments. 1. Purchased 80 8%, $1,800 Leeds Co. bonds for $144,000 cash. Interest is payable annually on January 1, 2020. 2. Accrued interest on Leeds Co. bonds on December 31, 2020. 3. Received interest on Leeds Co. bonds on January 1, 2021. 4. Sold 30 Leeds Co. bonds for $118,800 on January 1, 2021. Journalize the transactions. (Credit account titles are automatically indented when anmount is entered, Do not indent manually. It no entry is roquired, select "No entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem. Round answers to 0 decimal places, e. 5,275.) No. Account Titles and Explanation Date Debit Credit 1. 2. 3. 4. Pharoah Corporation had the following transactions pertaining to debt investments. 1. Purchased 80 8%, $1,800 Leeds Co. bonds for $144,000 cash. Interest is payable annually on January 1, 2020. 2. Accrued interest on Leeds Co. bonds on December 31, 2020. 3. Received interest on Leeds Co. bonds on January 1, 2021. 4. Sold 30 Leeds Co. bonds for $118,800 on January 1, 2021. Journalize the transactions. (Credit account titles are automatically indented when anmount is entered, Do not indent manually. It no entry is roquired, select "No entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem. Round answers to 0 decimal places, e. 5,275.) No. Account Titles and Explanation Date Debit Credit 1. 2. 3. 4.

Answer rating: 100% (QA)

No Date Account Titles and Explanation Debit Credit 1 Jan 1 Investment in BondsDebt Invest... View the full answer