Problem 16-2 : | |||
Date | General journal | Debit | Credit |
Jan 1,2020 | Debt Investment (bonds ) | $ 40,000 | |
Cash (40 bonds *$1000) | $ 40,000 | ||
( to record purchase of Debt investment ) | |||
Dec 31,2020 | Interest receivable (40 bonds*$1000*9%) | $ 3600 | |
Interest revenue | $ 3600 | ||
(to record accrued interest on Leeds co. bonds ) | |||
Jan 1,2021 | Cash | $ 3600 | |
Interest receivable (40 bonds*$1000*9%) | $ 3600 | ||
( to record received interest on Leeds co.bonds) | |||
Jan 1,2021 | Cash | $ 33,000 | |
Debt Investment (bonds )($40000/40 *30 bonds) | $ 30,000 | ||
Gain on sale on debt investment (33000-30,000) | $ 3000 | ||
(to record sold 30 bonds of Leeds co.) |
Problem 16-5 : | |||
Date | General journal | Debit | Credit |
Jan-01 | Stock investment | $ 152,000 | |
Cash | $ 152,000 | ||
(to record purchases of Escalante corporation common stock ) | |||
Jul-01 | Cash | $ 7500 | |
Dividend income (2500 shares* $ 3 ) | $ 7500 | ||
( to record received cash dividend of $ 3 per share on 2500 shares) | |||
Dec-31 | Cash | $ 32,000 | |
stock Investment ($152,000/2500 *500 shares) | $ 30,400 | ||
Gain on sale on stock investment (32000-30,400) | $ 1,600 | ||
(to record sold 500 shares of $ 32,000) | |||
Dec-31 | Cash | $ 6,000 | |
Dividend income (2000 shares* $ 3 ) | $ 6,000 | ||
( to record received cash dividend of $ 3 per share on 2000 shares) |
questions 16.2-16.5 what is the op i nvestime curities he cash for strategic reasons? 4. What...
Jan. 1 Purchased 1,000 shares of Escalante Corporation common stock (7%) for $60,800 cash. July 1 Received a cash dividend of $5 per share. Dec. 1 Sold 200 shares of Escalante Corporation common stock for $12,800 cash. Dec. 31 Received a cash dividend of $5 per share. Journalize the transactions.
Exercise 12-4 Hulse Company had the following transactions pertaining to stock investments. Feb. 1 July 1 Sept. 1 Dec. 1 Purchased 540 shares of Wade common stock (2%) for $6,480 cash. Received cash dividends of $2 per share on Wade common stock. Sold 210 shares of Wade common stock for $3,230. Received cash dividends of $2 per share on Wade common stock. Journalize the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record...
Nosker Inc. had the following transactions pertaining to
investments in common stock.
Jan.
1
Purchased 4,800 shares of Escalante Corporation common stock
(7%) for $291,840 cash.
July
1
Received a cash dividend of $4 per share.
Dec.
1
Sold 960 shares of Escalante Corporation common stock for
$61,440 cash.
Dec.
31
Received a cash dividend of $4 per share.
Journalize the transactions. (Credit account titles are
automatically indented when amount is entered. Do not indent
manually. Record journal entries in...
Please explain how you got each #/answer if you can, it really
helps.
Cullumber Corporation had the following transactions pertaining
to debt investments.
1.
Purchased 45 8%, $1,500 Leeds Co. bonds for $67,500 cash.
Interest is payable annually on January 1, 2020.
2.
Accrued interest on Leeds Co. bonds on December 31, 2020.
3.
Received interest on Leeds Co. bonds on January 1, 2021.
4.
Sold 30 Leeds Co. bonds for $55,688 on January 1, 2021.
Cullumber Corporation had the...
ALENE Hulse Company had the following transactions pertaining to stock investments Feb. 1 Purchased 530 shares of Wade common stock (2%) for $6,360 cash. July 1 Received cash dividends of $2 per share on Wade common stock. Sept. 1 Sold 230 shares of Wade common stock for $3,482 Dec. 1 Received cash dividends of $2 per share on Wade common stock Journalize the transactions. (Credit account titles are automatically indented when amount is entered. Do not Indent manually problem. If...
Blossom Company had the following transactions pertaining to stock investments. Feb. 1 July 1 Sept. 1 Dec. 1 Purchased 800 shares of Wade common stock (2%) for $9,600 cash. Received cash dividends of $1 per share on Wade common stock. Sold 400 shares of Wade common stock for $6,200. Received cash dividends of $1 per share on Wade common stock a) Journalize the transactions. (Round answers to o decimal places, e.g. 5,275. Credit account titles are automatically indented when amount...
In January 2019, the management of Crane Company concludes that it has sufficient cash to purchase some short-term investments in debt and stock securities. During the year, the following transactions occurred. Feb. 1 Purchased 1,250 shares of LAF common stock for $50,000. Mar. 1 Purchased 480 shares of NCL common stock for $16,800. Apr. 1 Purchased 75 $1,000, 8% TRC bonds for $75,000. Interest is payable semiannually on April 1 and October 1. July 1 Received a cash dividend of...
Journalize stock investment transactions. Jelsie Company had the following transactions pertaining to stock investments. Feb. 1 Purchased 1,200 shares of Sun common stock (2%) for $9,000 cash. July 1 Received cash dividends of $3.2 per share on Sun common stock. Sept. 1 Sold 400 shares of Sun common stock for $3,200. Dec. 1 Received cash dividends of $2.6 per share on Sun common stock. Instructions (a) Journalize the transactions.
Part 2 - Problem: (10 Points) Pattison Inc. had the following transactions pertaining to investments in common stock. Jan. 1 Purchased 4,000 shares of Freeze Corporation common stock (5%) for S182,100 cash. July 1 Received a cash dividend of $3 per share. Dec. 1 Sold 600 shares of Freeze Corporation common stock for $31.200 cash. Dec. 31 Received a cash dividend of $3 per share. Instructions Please prepare the four journal entries required for the above transactions 1) DR. CR....
P16-2A In January 2017, the management of Kinzie Company concludes that it has suffi. Jo cient cash to permit some short-term investments in debt and stock securities. During the tra year, the following transactions occurred. ad! Feb. 1 Purchased 600 shares of Muninger common stock for $32,400. (LO Mar. 1 Purchased 800 shares of Tatman common stock for $20,000 Apr. 1 Purchased 50 $1,000,7% Yoakem bonds for $50,000. Interest is payable semiannually on April 1 and October 1. July |...