Stevens Corporation, during the year ended October 31, 2015, had the following transactions for money market instruments

Question:

Stevens Corporation, during the year ended October 31, 2015, had the following transactions for money market instruments purchased to earn interest:
Jan. 2 Purchased a 120-day, $40,000 treasury bill maturing on May 1 for $39,760.
May 1 The treasury bill matured.
Aug. 1 Invested $65,000 in a money-market fund.
31 Received notification that $163 of interest had been earned and added to the fund.
Sept. 30 Received notification that $163 of interest had been earned and added to the fund.
Oct. 1 Purchased a 90-day, 2.4%, $30,000 treasury bill for $29,821.
15 Cashed the money-market fund and received $65,408.
Instructions
(a) Prepare the journal entries to record the above transactions.
(b) Prepare any required adjusting journal entries at October 31.