Bay Company acquires 60, 8%, 5 year, $1,000 Community bonds on January 1, 2017 for $60,000. Assume Community pays interest on January 1 and July 1, and the July 1 entry was done correctly.
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On August 31, Year 1, the general ledger of a company shows a balance for cash of $7,844. Cash receipts yet to be deposited into the checking account total $3,238, and checks written by the academy but not yet processed by the bank total $1,325.
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