Brief Exercise 12-1 Ownbey Corporation purchased debt investments for $64,310 on January 1, 2015. On July...

Brief Exercise 12-1 Ownbey Corporation purchased debt investments for $64,310 on January 1, 2015. On July 1, 2015, Ownbey received cash interest of $3,890. Journalize the purchase and the receipt of interest. Assume that no interest has been accrued. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit

Solutions

Expert Solution

Date	accounts	Debit	Credit
Jan 1, 2015	Debt investment	$64310
	Cash		64310

July 1 ,2015	cash	3890
	Interest revenue		3890

ekkarill92 answered 2 years ago

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