Ingles Company Had the Following Transactions Pertaining to Debt Securities $\quad$

question 289

Essay

Ingles Company had the following transactions pertaining to debt securities held as an investment.
Jan. 1 $\quad$ Purchased 60, 8%, $1,000 Omega Company bonds for $60,000 cash. Interest is payable semiannually on July 1 and January 1.
July 1 $\quad$ Received $2,400 semiannual interest on Omega Company bonds.
Instructions
Journalize the purchase and the receipt of interest. Assume no interest has been accrued.

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Definitions:

Importing

Purchasing goods or services from another country to be sold in a company’s home market.

Economic Factor

Any of the various elements that influence the economy of a region or country, such as inflation, employment rates, and GDP growth.

PEST Analysis

A crucial instrument for businesses, designed to pinpoint, examine, and track the wide-ranging environmental influences that could significantly affect a company's success.

Offshoring Backlash

Negative public and political reaction against companies moving production or services to another country to reduce costs, often leading to job losses in the home country.