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Discuss interest on debt securities purchased in transaction

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Question: Prepare journal entries to record the following transactions involving the short-term securities investments of Prairie Co., all of which occurred during year 2011.

a. On August 1, paid $60,000 cash to purchase Better Buy's 10% debt securities ($60,000 principal), dated July 30, 2011, and maturing January 30, 2012 (categorized as available-for-sale securities).

b. On October 30, received a check from Better Buy for 90 days' interest on the debt securities purchased in transaction a.

Reference no: EM131534905

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