Question
Please help with the following question given in the image, thank you. culver corporation during the year end october 31 2021 had the following transactions
Please help with the following question given in the image, thank you.
culver corporation during the year end october 31 2021 had the following transactions for money-market instruments purchased on earn interest
jan 2 purchased a 150 day $42,000 treasury bill maturing on may 1 for $41,748
May 1 the treasury bill matured
Aug 1 invested $68,300 in a money-market fund
Aug 31 received notification that $171 of interest had been earned & added to the fund
Sept 30 received notification that $171 of interest had been earned and added to the fund
Oct 1 purchased a 6-day, 3.9% $31,500 treasury bill for $31,196
Oct 15 Cashed the money market fund & received $68,728
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 O for the amounts. Round answers to O decimal places, eg. 5,275.) Date Account Titles and Explanation Debit Credit Oct. 31 No Entry (To accrue interest revenue.)Step by Step Solution
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