Homework Answers
Solution:
Question 8:
| Date | Accounts and Explanation | Debit | Credit |
| May 15,2018 | Investment in Jojo, Inc. | $ 17,000 | |
| Cash | $ 17,000 | ||
| [To equity investment made] | |||
| Nov 15,2018 | Cash | $ 400 | |
| Dividend Revenue | $ 400 | ||
| [To record dividends] | |||
| Dec 10,2018 | Cash | $ 16,450 | |
| Loss on sale of investment | $ 550 | ||
| Investment in Jojo, Inc. | $ 17,000 | ||
| [To record investment sold] |
Question 9:
| Date | Accounts and Explanation | Debit | Credit |
| Dec 31,2018 | Unrealized gains and losses - OCI | $ 400 | |
| Available for Sale Debt Securities | $ 400 | ||
| [ To adjust market value] |
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