Journalize the following: 1. On the books & records of Company A: On May 2nd, Company A received $100 of interest income from the bank earned in April. If the books are on an accrual basis, record the entry in April and in May when cash was received April May 2. On the books & records of Company A: In January, Company A purchased Investment in XYZ for $100. Payment was made in cash. In March, Company A sold Investment in XYZ for $150. Payment was received in cash. 3. On the books & records of Company A: On April 1st, Company A paid $1,200 for insurance expense that covers the year 4/1/17-3/31/18. Record 4/1/17 entry for payment of $1,200 Record 4/30/17 journal entry 4. There are 2 parallel funds, Fund A and Fund B. Together, the funds will make an investment of $100k, with a 65/35 split. The investment will be paid in cash, however, Fund B does not currently have any cash so Fund A will cover Fund B’s portion. What journal entry would you record in each fund’s books on the day Fund A funds the $100k investment?
Journalize the following:
1. On the books & records of Company A:
On May 2nd, Company A received $100 of interest income from the bank earned in April. If the books are on an accrual basis, record the entry in April and in May when cash was received
April May
2. On the books & records of Company A:
In January, Company A purchased Investment in XYZ for $100. Payment was made in cash.
In March, Company A sold Investment in XYZ for $150. Payment was received in cash.
3. On the books & records of Company A:
On April 1st, Company A paid $1,200 for insurance expense that covers the year 4/1/17-3/31/18.
Record 4/1/17 entry for payment of $1,200
Record 4/30/17
4. There are 2 parallel funds, Fund A and Fund B. Together, the funds will make an investment of $100k, with a 65/35 split. The investment will be paid in cash, however, Fund B does not currently have any cash so Fund A will cover Fund B’s portion. What journal entry would you record in each fund’s books on the day Fund A funds the $100k investment?
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
