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Quagle Company had the following transactions pertaining to debt securities held as a short-term investment....

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Accounting

Quagle Company had the following transactions pertaining to debt securities held as a short-term investment.

Jan. 1 Purchased 40, 8%, $1,000 Steve Company bonds for $40,000 cash. Interest is payable semiannually on July 1 and January 1.

July 1 Received semiannual interest on Steve Company bonds.

Oct. 1 Sold 24 Steve Company bonds for $26,000 plus accrued interest.

Instructions: Journalize the transaction

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