Journalize the following:

On the books & records of Company A:

1. On May 2nd, Company A received $100 of interest income from the bank earned in April. If the books are on an accrual basis, record the entry in April and in May when cash was received.

2. On the books & records of Company A:

In January, Company A purchased Investment in XYZ for $100. Payment was made in cash.

In March, Company A sold Investment in XYZ for $150. Payment was received in cash.

3.On the books & records of Company A:

On April 1st, Company A paid $1,200 for insurance expense that covers the year 4/1/17-3/31/18.

Record 4/1/17 entry for payment of $1,200

Record 4/30/17 journal entry

4. There are 2 parallel funds, Fund A and Fund B. Together, the funds will make an investment of $100k, with a 65/35 split. The investment will be paid in cash, however, Fund B does not currently have any cash so Fund A will cover Fund B’s portion. What journal entry would you record in each fund’s books on the day Fund A funds the $100k investment?

Answer rating: 100% (QA)

1 On the books records of Company A April Entry Date April 30 Debit Interest Receivable 100 Credit I... View the full answer