Journalize the purchase and the receipt of interest. Assume no interest has been accrued. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)

Journalize the purchase and the receipt of interest. Assume no interest has been accrued. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)

Name: Pharoah Company had the following transactions pertaining to debt sec
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Description: Pharoah Company had the following transactions pertaining to debt securities held as an investment.Jan. 1Dec. 31Purchased 75, 6%, $1,000 Sheridan Company bonds for $75,000 cash. Interest is payable annually on January 1.Accrued $4,500 annual interes

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Pronghorn Group has negotiated the purchase of a new piece of automatic equipment at a price of HK$6,160 plus trade-in, fo.b. factory. Pronghorn paid HK$6,160 cash and traded in used equipment. The used equipment had originally cost HK$54,560; it had a book value of HK$36,960 and a secondhand fair value of HK$40,320, as indicated by recent transactions involving similar equipment. Freight and installation charges for the new equipment required a cash payment of HK$960. (a) Your answer is correct. ress Prepare the general journal entry to record this transaction, assuming that the exchange has commercial substance. (Credit account titles are automatically Indented when amount is entered. Do not indent manually. Include in your journal entry separate account entries for both the new and old equipment. If no entry is required, select "No Entry" for the account titles and enter O for the amounts) Account Titles and Explanation Equipment Accumulated Depreciation Equipment Equipment Cashi…
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