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Prepare journal entries to record the purchase on november

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Dale Company experiences heavy sales in the summer and early fall, after which time it has excess cash to invest until the next spring. On November 1, 2014, the company invested $194,000 in U.S. Treasury bills. The bills mature in 180 days at $200,000.

Required:

Prepare journal entries to record the purchase on November 1; the adjustment to accrue interest on December 31, which is the end of the fiscal year; and the receipt of cash at the maturity date of April 30, 2015.

Reference no: EM13889676

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