Sandhill Company purchased 70 Rinehart Company 7%, 10-year,
Sandhill Company purchased 70 Rinehart Company 7%, 10-year, $100… Sandhill Company purchased 70 Rinehart Company 7%, 10-year, $100 bonds on January 1, 2022, for $7,000. The bonds pay interest annually on January 1. On January 1, 2023, after receipt of interest, Sandhill Company sold 40 of the bonds for $3,640.Prepare the journal entries to record the transactions described above. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select “No entry” for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.)DateAccount Titles and ExplanationDebitCreditchoose a transaction dateenter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount choose a transaction dateenter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount choose a transaction dateenter an account title to record receipt of interestenter a debit amount enter a credit amount enter an account title to record receipt of interestenter a debit amount enter a credit amount (To record receipt of interest)choose a transaction dateenter an account title to record sale of bondsenter a debit amount enter a credit amount enter an account title to record sale of bondsenter a debit amount enter a credit amount enter an account title to record sale of bondsenter a debit amount enter a credit amount (To record sale of bonds)Accounting Business Financial Accounting ACCOUNTING BBA 2301-1
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