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Prepare any required adjusting journal entry at October

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Reference no: EM133053602

Question - Ayayai Corporation, during the year ended October 31, 2021, had the following transactions for money-market instruments purchased to earn interest:

Jan. 2 Purchased a 90-day, $34,800 treasury bill maturing on May 1 for $34,591.

May 1 The treasury bill matured.

Aug. 1 Invested $56,600 in a money-market fund.

Aug. 31 Received notification that $142 of interest had been earned and added to the fund.

Sept. 30 Received notification that $142 of interest had been earned and added to the fund.

Oct. 1 Purchased a 60-day, 2%, $26,100 treasury bill for $25,970.

Oct. 15 Cashed the money-market fund and received $56,955.

Required -

1. Prepare the journal entries to record the above transactions.

2. Prepare any required adjusting journal entry at October 31.

Reference no: EM133053602

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