Problem regarding the certificate of deposit

Assignment Help Accounting Basics

Reference no: EM13954204

Certificate of Deposit

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 Elmer's books to account for:

a. The purchase of the CD.

b. The accrual of interest adjustment for interest earned through June 30, the end of the com- pany's fiscal year.

c. The redemption of the CD. Assume 360 days in a year.

Reference no: EM13954204

Questions Cloud

Compute the empirical probability that spinner will land : One car is selected at random from the cars with vehicle tags from these cities. What is the probability that this car is from Salem?

Microbiology and industry in petroleum fuels : You are the science reporter for your local newspaper. Your editor asks you to write an article on a major topic within the general field of microbiology. He stipulates that in this article you need to include the following three things:

Purchase and sale of bonds : Starship Enterprises enters into the following transactions during 2014 and 2015:

General education outcome for diversity : Your final project will address the second course outcome, which is also the General Education Outcome for Diversity and Global Understanding: Explain the concepts of diversity and inclusion in the context of U.S. society and culture as well as in..

Problem regarding the certificate of deposit : 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 Elmer's books to account for:

What are the atomic numbers and neutron numbers : Bromine has two natural isotopes, BR-81 (49.5%) and Br-79 (50.5%)- What are the atomic numbers and neutron numbers of these isotopes? Use this information to explain why the atomic weight of chlorine is 79.9

Interpret the quote in terms of natural selection : "It is not the strongest of the species that survives, nor the most intelligent that survives. It is the one that is the most adaptable to change."

Working backward-accounts receivable turnover : It takes Carlson Corp. 30 days on average to collect its accounts receivable. The company began the year with $10,500 in accounts receivable. Sales on credit for the year amounted to $150,000.

Are the events d_4 and d_5 independent : Are the events D_2 and D_4 independent? Do the appropriate calculation to answer this question. Then explain why your answer makes sense.

User Account

All Pages