Prepare Krum Co.'s journal entries to record the following transactions involving its short-term investments in available-for-sale...
Prepare Krum Co.'s journal entries to record the following
transactions involving its short-term investments in
available-for-sale debt securities, all of which occurred during
the current year.
a. On August 1, paid $76,000 cash to purchase
Houtte's 12%, six-month debt securities ($76,000 principal), dated
August 1.
b. On October 30, received a check from Houtte for
90 days' interest on the debt securities in transaction a.
(Use 360 days in a year. Do not round your intermediate
calculations.)
Homework Answers
| Debit | Credit | ||||
| a | August 1 | Short-term investments—AFS (Houtte) | 76000 | ||
| Cash | 76000 | ||||
| b | October 30 | Cash | 2280 | =76000*12%*90/360 | |
| Interest revenue | 2280 |
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Prepare Krum Co.'s journal entries to record the following
transactions involving its short-term investments in
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Exercise 15-4 Accounting for short-term held-to-maturity
securities LO P2
Prepare journal entries to record the following transactions
involving the short-term securities investments of Natura Co., all
of which occurred during year 2017.
On June 15, paid $278,000 cash to purchase Remedy’s 90-day
short-term debt securities ($278,000 principal), dated June 15,
that pay 5% interest (categorized as held-to-maturity
securities).
On September 16, received a check from Remedy in payment of the
principal and 90 days' interest on the debt securities purchased...
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