Business, 16.10.2020 05:01 almasrim274

A local government operates on a calendar-year basis. Prepare journal entries to record the following transactions and events for calendar year 2018. 1. On February 1, 2018, borrowed $400,000 on tax anticipation notes (TANs). The TANs will be repaid with 1.0 percent interest on January 31, 2019.
2. To prepare for issuing financial statements for 2018, accrue interest on the TANs through December 31, 2018.
3. Invested $100,000 in a certificate of deposit (CD) on April 1, 2018. The CD, which pays interest of 0.8 percent, will mature on September 30, 2018.
4. The CD matured on September 30, 2018.

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Answer from: 4804341040

Feb. 1 DR Cash $400,000

CR Tax anticipation notes $400,000

Dec 31 DR Expenditures - Interest $3,666.67

CR Accrued Interest Payable $3,666.67

Working

February to December = 11 months

Interest = 400,000 * 1.0% * 11/12 months = $3,666.67

April 1 DR Investments $100,000

CR Cash $100,000

Sept. 30 DR Cash $50,200

CR Investments $50,000

Interest Income $200

Working

Interest Income = 50,000 * 0.8% * 6/12 months

= $200

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A local government operates on a calendar-year basis. Prepare journal entries to record the followin...

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