On May 31, Fournier Company invested $98,000 in U.S. Treasury bills. The bills mature in 120 days
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On May 31, Fournier Company invested $98,000 in U.S. Treasury bills. The bills mature in 120 days at $100,000. Prepare journal entries to record the purchase on May 31; the adjustment to accrue interest on June 30, which is the end of the fiscal year; and the receipt of cash at the maturity date of September 28.
MaturityMaturity is the date on which the life of a transaction or financial instrument ends, after which it must either be renewed, or it will cease to exist. The term is commonly used for deposits, foreign exchange spot, and forward transactions, interest...
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May 31 ShortTerm Investments Cash To record investment in 120day US Treasury ...View the full answer
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