Novak Corporation, during the year ended October 31, 2024, had the following transactions for money-market instrumentspurchased to earn interest:Jan.2 Purchased a 110-day, $38,800 treasury bill maturing on May 1 for $38,567.MayAug. 1Aug. 31Sept. 30Oct. 11Oct. 15The treasury bill matured.Invested $63,100 in a money-market fund.Received notification that $158 of interest had been earned and added to the fund.Received notification that $158 of interest had been earned and added to the fund.Purchased a 90-day, 3.10%, $29,100 treasury bill for $28,876.Cashed the money-market fund and received $63,495. Prepare any required adjusting journal entry at October 31. (Credit account titles are automatically indented when the amount isentered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Round answersto 0 decimal places, e.g. 5,275. List debit entry before credit entry.)Date Account TitlesOct. 31DebitCredit

For year-end October 31st, the adjustment entry would be the interest revenue accrued but not due…

Novak Corporation, during the year ended October 31, 2024, had the following transactions for money-market instruments purchased to earn interest: Jan. 2 Purchased a 110-day, $38,800 treasury bill maturing on May 1 for $38,567. May 1 The treasury bill matured. Aug. Invested $63,100 in a money-market fund. Aug. 31 Received notification that $158 of interest had been earned and added to the fund. Received notification that $158 of interest had been earned and added to the fund. Sept. 30 Oct. 1 Purchased a 90-day, 3.10%, $29,100 treasury bill for $28,876. Oct. 15 Cashed the money-market fund and received $63,495. 1

Novak Corporation, during the year ended October 31, 2024, had the following transactions for money-market instruments purchased to earn interest: Jan. 2 Purchased a 110-day, $38,800 treasury bill maturing on May 1 for $38,567. May 1 The treasury bill matured. Aug. Invested $63,100 in a money-market fund. Aug. 31 Received notification that $158 of interest had been earned and added to the fund. Received notification that $158 of interest had been earned and added to the fund. Sept. 30 Oct. 1 Purchased a 90-day, 3.10%, $29,100 treasury bill for $28,876. Oct. 15 Cashed the money-market fund and received $63,495. 1

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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