On May 31, 2017, Elmer Corp. purchased a 120-day, 9% certificate of deposit for $50,000. The CD
Question:
On May 31, 2017, Elmer Corp. purchased a 120-day, 9% certificate of deposit for $50,000. The CD was redeemed on September 28, 2017. Identify and analyze the transactions or adjustments on Elmer's books to account for:
The purchase of the CD.
The accrual of interest adjustment for interest earned through June 30, the end of the company's fiscal year.
The redemption of the CD. Assume 360 days in a year.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 54% (11 reviews)
The effect of the purchase of the CD on May 31 can be ...View the full answer
Answered By
Sumit kumar
Education details:
QUATERNARY Pursuing M.Tech.(2017-2019) in Electronics and Communication Engg. (VLSI DESIGN) from
GNIOT Greater Noida
TERTIARY B.Tech. (2012-2016) in Electronics and Communication Engg. from GLBITM Greater Noida
SECONDARY Senior Secondary School Examination (Class XII) in 2012 from R.S.S.Inter College, Noida
ELEMENTARY Secondary School Examination (Class X) in 2010 from New R.J.C. Public School ,Noida
CERTIFICATION
Summer Training in ‘WIRELESS EMBEDDED SYSTEM’ from ‘XIONEE’ for the six weeks.
EMBEDDED SYSTEM Certificate issued by CETPA INFOTECH for one day workshop.
Certificate of Faculty development program on OPTICAL COMMUNICATION and NETWORKS for one week.
5.00+
1+ Reviews
10+ Question Solved
Related Book For
Using Financial Accounting Information The Alternative to Debits and Credits
ISBN: 978-1337491471
10th edition
Authors: Gary A. Porter, Curtis L. Norton
Question Posted:
Students also viewed these Accounting questions
-
Certificate of Deposit On May 31, 2010, Elmer Corp. purchased a 120-day, 9% certificate of deposit for $50,000. The CD was redeemed on September 28, 2010. Identify and analyze the transactions and...
-
On May 31, 2014, Elmer Corp. purchased a 120-day, 9% certificate of deposit for $50,000. The CD was redeemed on September 28, 2014. Prepare the journal entries on Elmers books to account for: a. The...
-
Lenox Corp. sold merchandise for $5,000 to M. Baxter on May 15, 2017, with payment due in 30 days. Subsequent to this, Baxter experienced cash-flow problems and was unable to pay its debt. On August...
-
Hydrocarbon A has the formula C 9 H 12 and absorbs 3 equivalents of H 2 to yield R, C 9 H 18 , when hydrogenated over a Pd/C catalyst. On treatment of A with aqueous H 2 SO 4 in the presence of...
-
During its first year of operations, Master Plumbing Supply Co. had net sales of $3,500,000, wrote off $50,000 of accounts as uncollectible using the direct write-off method, and reported net income...
-
Alford, Beeson, and Carlton have operated a coffee shop for a number of years as a partnership. At the beginning of 2024, capital balances were as follows: Due to a cash shortage, Alford invests an...
-
As shown in Fig. P8.28, the velocity profile for laminar flow in a pipe is quite different from that for turbulent flow. With laminar flow the velocity profile is parabolic; with turbulent flow at...
-
Ahab's Coffee has 150 customers. Fifty of them are small and 100 are big, with appetites for coffee matching their size. Small people value coffee at $0.10 per ounce for the first 8 ounces and...
-
Leadership is an evolving journey, and its effectiveness greatly depends on the chosen leadership theory and one's ability to adapt and grow as a leader. The paper presents a personal leadership...
-
You need to calculate the Average Days on Lot based on MSRP and/or Types using the Inventory data. n. Enter functions into the Average Days on Lot chart area that calculate the following: Insert a...
-
IBM's Form 10-K for the year ended December 31, 2015, includes the following section from its Report of Management found on page 74: Management Responsibility for Financial Information Responsibility...
-
Starship Enterprises enters into the following transactions during 2017 and 2018: 2017 Jan. 1: Purchased $100,000 face value of Northern Lights Inc. bonds at face value. The newly issued bonds have...
-
Differentiate. y = sec tan
-
.) Suppose we have two-class data that can be separable by two lines as seen in the Figure. In order to classify data, 1X2 100+0x + x = 0 a) Propose a classifier and labeling expression with respect...
-
Difficulties in trust, conflict management, and negotiation processes can derail leadership and team building in criminal justice organizations. Team leaders are expected to manage their teams by...
-
An electron in a periodic lattice has the following energy-wavenumber relationship: E (k) 2m cos (k) a. Plot the E-k diagram (0.5p) b. Determine the effective mass (0.5p) c. Determine the group...
-
Suppose X N(-5,0 = 3). Use the empirical rule (no software!) to find the following. I recommend that you draw pictures when you do these, but you need not turn in the pictures. a) P(-8
-
Assuming that college costs continue to increase an average of 4 % per year and that all her college savings are invested in an account paying 7 % interest, then the amount of money she will need to...
-
Discuss and research in more detail the open- and closed-cycle OTEC systems discussed in 27.6. Example questions: Why is such low pressure required for the open-cycle system? Why can the open system...
-
Classify each of the following activities as proper or prohibited under the various consumer statutes you have studied. a. Calling a hospital room to talk to a debtor who is a patient there. b....
-
For each of the following ratios, fill in the missing numerator. Ratio Current: Current Liabilities Acid-Test: Current Liabilities Accounts Receivable Turnover: Average Accounts Receivable Inventory...
-
Fill in the blank with the name of the ratio that would be used for each of the following situations. Ratio Measures the ability of the company to __________ Meet its interest and principal payments...
-
For each of the following ratios, indicate what adjustment must be made to net income in the numerator and whether the adjustment is an addition to (A) or a deduction from (D) net income. Ratio...
-
Frank is 82 years old.His wife died 5 years ago.He died and left the following assets: Principal residence 859,000 (individually owned: ACB 350,000) RRIF $235,000 (Beneficiary adult daughter ACB...
-
Assume that Pope Enterprises held a $10,000, 10 percent, six-month note signed by Mary Drew. On December, 1, 2015, the maturity date, Drew dishonored the note. At this point, Drew owes a total of...
-
5. Consider the shape shown on the following graph and the brute force method of solving the convex hull problem 2 -2 -1 0 a. Label all the points that will be provided to the algorithm as input. You...
Study smarter with the SolutionInn App