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Prepare the july 1 journal entry to record the purchase of

On July 1, 2018, Wolfpack Corporation purchased securities which it intends to buy and sell frequently. These securities consisted of (a) Todd Corporation 10%, 5-year bonds with a face value of $20,000 which were purchased for $18,500 and (b) 300 shares of Cornett Company common stock which were purchased at $40 per share.

Required:

Prepare the July 1 journal entry to record the purchase of these trading securities. Refer to the Chart of Accounts for exact wording of account titles.

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Accounting Basics: Prepare the july 1 journal entry to record the purchase of

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