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zysi [14]
2 years ago
10

Preparing Entries Across Two Periods Hatcher Company closes its accounts on December 31 each year. On December 31, 2018, Hatcher

accrued $600 of interest income that was earned on an investment but not yet received or recorded (the investment will pay interest of $900 cash on January 31, 2019). On January 31, 2019, the company received the $900 cash as interest on the investment. Prepare journal entries to: a. Accrue the interest earned on December 31, 2018; b. Close the Interest Income account on December 31, 2018 (the account has a year-end balance of $2,400 after adjustments); and c. Record the cash receipt of interest on January 31, 2019.
Business
1 answer:
padilas [110]2 years ago
3 0

Answer and Explanation:

The journal entries are shown below

On Dec. 31, 2018

Interest receivable $600  

         To Interest income $600

(Being accrued interest earned is recorded)  

On Dec. 31, 2018

Interest income $2,400  

            To Retained earnings $2,400

(Being the closing of interest income is recorded)

On Jan. 31, 2019

Cash $900  

         To Interest receivable     $600

         To Interest income          $300

(Being cash receipt of interest is recorded)

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zysi [14]
Given:
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130,500 + 19,000 + 5,000 + 5,000 = 159,500

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3 0
3 years ago
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NikAS [45]

Answer:

Grading

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Complete the proportion you can use to convert 60 inches to centimeters. Enter your answer with one decimal place. 1 inch 2.54 c
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Explanation:

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Answer:

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