Question 1 Prepare the journal entry to record the receipt of interest on July 1 Question 2 Prepare any required adjusting journal entry at October 31 On January 1, 2024, Crane Ltd., a public company, purchased $594,000 of 5-year, 6% bonds at par from Pronghorn Corporation.Interest is received semi-annually on July 1 and January 1. Crane purchased the bonds to earn interest. At December 31, 2024, thebonds were trading at 104.(a) 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. 301Oct. 1Oct. 15The treasury bill matured.Invested $63,100 in a money-maret 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.

Investment in treasury bills is a short-term investment made for the purpose of utilizing idle cash.…

Answered: Question 1 Prepare the journal entry to…

Question 1 Prepare the journal entry to record the receipt of interest on July 1 Question 2 Prepare any required adjusting journal entry at October 31

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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Chart of Accounts Common Stock Cash Accounts Receivable Retained Earnings Supplies Dividends Prepaid Rent Office Equipment Accounts Payable Notes Payable Unearned Fees Fees Earned Salary Expense Rent Expense Supplies Expense Interest Expense Utility Expense During the month of June, Acme Inc. entered into the following transactions: 1 Transferred cash from a personal bank account in exchange for stock, $100,000 3 Recorded services provided on account, $9,100 5 Received cash from clients as an advance payment for services to be provided in July, $12,500 7 Purchased Office Equipment for $5,000, paying $500 cash and signing a Note for the remainder. 9 Receive cash for services provided: $5,000 10 Paid part-time receptionist for two weeks' salary $1,750 12 Purchased office supplies from Staples on account, $1,200 14 Billed clients for fees earned; $2,500 16 Paid $1,000 for 3 months rent for the months of July - September 18 Paid Staples, $600 24 Received cash from clients on account,…
3. Prepare the journal entries to record the two expenditures during 2019. (If no entry is required for a transaction/event, select " journal entry required" in the first account field.) View transaction list
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20 D8 E10-5 exercise FAB Company sells a wide range of merchandise, which are initially purchased on account. Short-term notes are frequently issued to obtain cash. a) On January 10, FAB purchased $200 of merchandise on credit on a perpetual system. b) On March 1, FAB borrowed $600 by issuing a promissory note at face with 8 percent interest accrued at the beginning of each month until paid at maturity in six months. c) On April 1, FAB accrued interest on the $600 note. NAME d) On September 1, FAB paid the note and accrued interest. REQUIRED: 1. On the spreadsheet below, record each event (a) to (d) above; name blank accounts. 2. As each event is recorded, indicate its effect on FAB's current ratio, debt-asset ratio, and times interest earned: Increase, Decrease, or No effect. FAB had $3000 liabilities and $5000 total assets prior to January 10. Event--FAB Co. Beginning Balanc a)buy merchandise b) receive on note c) accrue interest for March on Apr 1 d) pay note pay interest Ending…
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Sandhill Company issued $2,400,000 of 10%, 10-year bonds on January 1, 2017, at 103. Interest is payable semiannually on July 1 and January 1. Sandhill Company uses the effective-interest method of amortization for bond premium or discount. Assume an effective yield of 9.5281%. Prepare the journal entries to record the following. (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.) (a) The issuance of the bonds. (b) The payment of interest and related amortization on July 1, 2017. (c) The accrual of interest and the related amortization on December 31, 2017.
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Accounting Homework