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What would be the journal entries? MEMORANDUM TO: Bill Bugnay MEMO#114 FROM: M. Lasker December 1, 20XX We received a cheque from the lawyer for

What would be the journal entries?

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MEMORANDUM TO: Bill Bugnay MEMO#114 FROM: M. Lasker December 1, 20XX We received a cheque from the lawyer for $1000000 that went into a 3% per annum 3 month term deposit for the sale of our building. Record the amount as a term deposit and as a gain/loss on disposal. The accountant said they will adjust at year end. The term deposit begins on December 1, and matures at the end of February 20XX+1 MEMORANDUM

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