On March 31, Logan Company invested $129,000 in U.S. Treasury bills. The bills mature in 90 days
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On March 31, Logan Company invested $129,000 in U.S. Treasury bills. The bills mature in 90 days at $130,000. Prepare journal entries to record the purchase on March 31; the adjustment to accrue interest on April 30, which is the end of the fiscal year; and the receipt of cash at the maturity date of June 29.
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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Mar 31 ShortTerm Investments Cash June Apr 30 ShortTerm Investments Interest I...View the full answer
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