Question: On May 31 Fournier Company invested 98 000 in U S Treasury
On May 31, Fournier Company invested $98,000 in U.S. Treasury bills. The bills mature in 120 days at $100,000. Prepare journal entries to record the purchase on May 31; the adjustment to accrue interest on June 30, which is the end of the fiscal year; and the receipt of cash at the maturity date of September 28.
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