Question
1. 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
1. 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
2. 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 Bs portion. What journal entry would you record in each funds books on the day Fund A funds the $100k investment?
Company A: Company B:
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Intermediate Accounting
Authors: Donald E. Kieso, Jerry J. Weygandt, And Terry D. Warfield
13th Edition
9780470374948, 470423684, 470374942, 978-0470423684
