could you please solver part B with all work Cheyenne 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, $36,400 treasury bill maturing on May 1 for $36,182.The treasury bill matured.Invested $59,200 in a money-market fund.Received notification that $148 of interest had been earned and added to the fundReceived notification that $148 of interest had been earned and added to the fund.Purchased a 60-day, 3,50 %, $27,300 treasury bill for $27,063.Cashed the money-market fund and received $59,570.MayAugAug 31Sept. 30Oct. 1Oct.115 (b)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 O decimal places, e.g. 5,275. List debit entry before credit entry)Date Account TitlesOct. 31DebitCredit

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Prepare any required adjusting journal entry at October 31. (Credit account titles are automatically indented when the 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. Round answe to O decimal places, eg. 5,275. List debit entry before credit entry) Date Account Titles Oct. 31 Debit Credit

Prepare any required adjusting journal entry at October 31. (Credit account titles are automatically indented when the 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. Round answe to O decimal places, eg. 5,275. List debit entry before credit entry) Date Account Titles Oct. 31 Debit Credit

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter13: Long-term Liabilities

Section: Chapter Questions

Problem 1PA: On January 1, 2018, King Inc. borrowed $150,000 and signed a 5-year, note payable with a 10%...

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Vilna Ltd., during the year ended December 31, 2021, had the following transactions related to money-market instruments recorded at amortized cost: 2 Purchased a 120-day $100,000 treasury bill maturing on April 1 for $95,700. 1 The treasury bill matured. 1 Invested $75,000 in a money-market fund. 31 Received notification that $188 of interest had been earned and added to the fund. 30 Received notification that $188 of interest had been earned and added to the fund. 15 Cashed the money-market fund and received $75,470. 1 Purchased a 90 day, 2%, $40,000 treasury bill for $39,221. Jan. Apr. Aug. Sept. Oct. Nov. Instructions: a. Prepare the journal entries to record the above transactions. b. Prepare any required adjusting journal entries at December 31. Round amounts to the nearest dollar. Show ALL calculations for full marks.
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As of December 31, 2022, Sandy Beach had $9,800,000 in 6.5 percent serial bonds outstanding. Cash of $433,000 is the debt service fund's only asset as of December 31, 2022, and there are no liabilities. The serial bonds pay interest semiannually on January 1 and July 1, with $500,000 in bonds being retired on each Interest payment date. Resources for payment of Interest are transferred from the General Fund, and the debt service fund levies property taxes in an amount sufficient to cover principal payments. Required b. Prepare a statement of revenues, expenditures, and changes in fund balances for the debt service fund for the year ended December 31, 2023. SANDY BEACH Debt Service Fund Statement of Revenues, Expenditures and Changes in Fund Balance For the Year Ended December 31, 2023 Revenues: Appropriations Expenditures: Total Expenditures Excess of Expenditures Over Revenues Other Financing Sources (Uses): Increase in Fund Balance 0 0 0 Fund Balance, January 1, 2023 Fund Balance,…
As of December 31, 2022, Sandy Beach had $9,600,000 in 5.5 percent serial bonds outstanding. Cash of $541,000 is the debt service fund's only asset as of December 31, 2022, and there are no liabilities. The serial bonds pay interest semiannually on January 1 and July 1, with $500,000 in bonds being retired on each interest payment date. Resources for payment of interest are transferred from the General Fund, and the debt service fund levies property taxes in an amount sufficient to cover principal payments. C. Prepare a balance sheet for the debt service fund as of December 31, 2023.
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During the financial year ending May 31, 2020 the Board of Directors of Chung Sa Corporation authorised the write off of a $3,000 two-year debt belonging to a previous customer Jap Inc. On July 2, 2020 Chung Sa Corporation received an electronic funds transfer from Jap Inc. in the amount of $3,000. Required: Prepare all necessary journal entries to record this transaction.
City Slicker Corporation pays $55,000 into a bond sinking fund each year for the future redemption of bonds. During the first year, the fund earns $1,475. When the bonds mature, there is a sinking fund balance of $612,000, and $600,000 is needed to redeem the bonds. Required:Prepare the following general journal entries. a. The initial sinking fund deposit. b. The first year's earnings. c. The redemption of the bonds. d. The return of excess cash to the corporation.
Prepare journal entries required by a debt service fund to record the following transactions: a. On January 2, a $5,000,000, 6%, 10-year general obligation serial bond issue is sold at 99. Interest is payable annually on December 31, along with one-tenth of the original principal. b. At year-end, the first serial bond matures, along with interest on the bond issue. c. The general fund transfers cash to meet the matured items. d. A check for the matured items is sent to First Bank, the agent handling the payments. e. Later, the bank reports that the first serial bond has been redeemed. One check for interest of $9,000 was returned by the post office because the bond owner had moved. The bank will search for the new address.
On January 1, 2019 Shell Company established a sinking fund to retire bonds payable due in 2029. A bank was appointed as an independent trustee to manage the fund's investment. On December 31, 2025, the trustee held P3,900,000 cash and P1,600,000 of securities in the sinking fund account. The cash amount of P3,900,000 represents P3,700,000 in annual deposits to the fund and P200,000 of investment income earned on those deposits prior to 2025. A bank representative informed Shell Company that P80,000 of interest and dividends has been earned in 2025, however, this amount will be received in the first month of 2026.How much should Shell's sinking fund he included in the statement of financial position among its non-current assets on December 31, 2025? A. P 5,580,000 B. P5,380,000 C. P3,900,000 D. P3,700,000
On January 1, Jim Shorts Corporation issued bonds for $580 million. This bond issue was originally issued at premium. During the same year, $1,500,000 of the bond premium was amortized. On a statement of cash flows prepared using the indirect method, Jim Shorts Corporation should report: O that $1.5 million to be added to net income O An investing activity of $580 million. O A financing activity of $300 million. O that $1.5 million to be deducted from net income
As of December 31, 2019, Sandy Beach had $8,300,000 in 5.0 percent serial bonds outstanding. Cash of $443,000 is the debt service fund's only asset as of December 31, 2019, and there are no liabilities. The serial bonds pay interest semiannually on January 1 and July 1, with $500,000 in bonds being retired on each interest payment date. Resources for payment of Interest are transferred from the General Fund, and the debt service fund levies property taxes in an amount sufficient to cover principal payments. c. Prepare a balance sheet for the debt service fund as of December 31, 2020. Cash Total Assets SANDY BEACH Debt Service Fund Balance Sheet December 31, 2020 Assets S Deferred Inflows of Resources Fund Balances Total Deferred Inflows of Resources and Fund Balance S 0 0