Homework Answers
| Journal | Debit | Credit | |
| 1. | Debt Investment | $8,850 | |
| Cash | $8,850 | ||
| 2. | Cash | $7,000 | |
| Debt Investment | $6,500 | ||
| Gain on Sale of Investment | $500 |
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ULDUM Equity secundes... 1 Saved Required information Journal entry worksheet Jerome, Inc., paid $8,850 to make...
please help with the above questions, thank you! Journal entry worksheet On September 15, Jerome, Inc.,...
please help with the above questions, thank you!
Journal entry worksheet On September 15, Jerome, Inc., paid $8,900 to make a long-term investment in available-for-sale securities by purchasing notes of Topper, Inc. Complete the necessary journal entry by selecting the account names from the pull- down menus and entering dollar amounts in the debit and credit columns. Note: Enter debits before credits Date General Journal Debit Credit Sep 15 explanation View general journal Record entry Clear entry Assume that Jerome's...
Assume that on April 1, Jerome, Inc., paid $100,000 to buy Potter's 8 percent, two year...
Assume that on April 1, Jerome, Inc., paid $100,000 to buy Potter's 8 percent, two year bonds with a $100.000 par value. The bonds pay interest semiannually on March 31 and September 30. Jerome intends to hold the bonds until they mature Complete the necessary journal entry by selecting the account names from the pull-down menus and entering dollar amounts in the debit and credit columns View transaction list Journal entry worksheet Assume that on April 1, Jerome, Inc., paid...
Required information On November 1 Jerome sold some of its investment in Melina Corporation which had...
Required information On November 1 Jerome sold some of its investment in Melina Corporation which had a cost of $750 for $1.000 cash. Complete the necessary journal entry selecting the account names from the pull-down menus and entering dollar amounts in the debit and credit columns View transaction list Journal entry worksheet On November 1, Jerome sold some of its investment in Melina Corporation which hada con of $750 for $1.000 cash Complete the necessary journal entry selecting the account...
requires explanation Videos Account for equity Securities within for equity securities with insignificant L O Required...
requires explanation
Videos Account for equity Securities within for equity securities with insignificant L O Required information Knowledge Check 01 Jerome has insignificant influence of Melina Corporation because it owns less than 20% of the voting stock. The cost of the Melina stock is $5,000 and has a fair value of $6,000 on December 31 at the end of the first year it held the securities. Complete the necessary adjusting entry selecting the account names from the pull-down menus and...
Jerome, Inc, owned a single short-term available for sale security with a cost of $40,000 and...
Jerome, Inc, owned a single short-term available for sale security with a cost of $40,000 and a fair value of $40,500 at December 31 of the previous year. At that time, an adjusting entry was recorded for the fair value adjustment with a debit to Fair Value Adjustment- Available for sale for $500 and a credit to Unrealized Gain Equity for $500. Jerome sold that security for $39.900 on January 4 of the current year. Complete the necessary journal entry...
Assume that on July 1, Jerome, Inc., paid $100,000 to buy Potter's 8 percent, two-year bonds...
Assume that on July 1, Jerome, Inc., paid $100,000 to buy Potter's 8 percent, two-year bonds with a $100,000 par value. The bonds pay interest semiannually on December 31 and June 30. Jerome intends to hold the bonds until they mature. Complete the necessary December 31 entry to record receipt of interest by selecting the account names from the pull-down menus and entering dollar amounts in the debit and credit columns.
Jerome, Inc., owned a single short term available for sale security with a cost of $40,000...
Jerome, Inc., owned a single short term available for sale security with a cost of $40,000 and a fair value of $40,500 at December 31 of the previous year. At that time, an adjusting entry was recorded for the fair volue adjustment with a debit to Fair Value Adjustment Available for sale for $500 and a credit to Unrealized Gain-Equity for $500. Jerome sold that security for $39,900 on January 4 of the current year. Complete the necessary journal entry...
On July 1, Jerome received $200 in dividends from Melina Corporation on which it owns less...
On July 1, Jerome received $200 in dividends from Melina Corporation on which it owns less than 20% of the voting stock. Complete the necessary journal entry selecting the account names from the pull-down menus and entering dollar amounts in the debit and credit columns.
Exercise 15-20 Saved Prepare Hertog Company's journal entries to record the following transactions for the current...
Exercise 15-20 Saved Prepare Hertog Company's journal entries to record the following transactions for the current year. May 7 Purchases Kraft bonds as a short-term investment in trading securities at a cost of $10,300. June 6 Sells its entire investment in Kraft bonds for $11,050 cash. View transaction list Journal entry worksheet < 1 2 Purchases Kraft bonds as a short-term investment in trading securities at a cost of $10,300. Note: Enter debits before credits. Date General Journal May 07...
Saved Required information Knowledge Check 01 On December 29, 2020, Patel Products, Inc, sells a delivery...
Saved Required information Knowledge Check 01 On December 29, 2020, Patel Products, Inc, sells a delivery van that cost $20,000 The equipment had accumulated depreciation of $16,000 at December 31, 2019. Annual depreciation on this equipment is $2,000 computed using straight-line depreciation Complete the necessary journal entry to bring the accumulated depreciation up-to-date by selecting the account names from the drop- down menus and entering the dollar amounts in the debit or credit columns View transaction fist Journal entry worksheet...
please help with the above questions, thank you!
Journal entry worksheet On September 15, Jerome, Inc., paid $8,900 to make a long-term investment in available-for-sale securities by purchasing notes of Topper, Inc. Complete the necessary journal entry by selecting the account names from the pull- down menus and entering dollar amounts in the debit and credit columns. Note: Enter debits before credits Date General Journal Debit Credit Sep 15 explanation View general journal Record entry Clear entry Assume that Jerome's...
Assume that on April 1, Jerome, Inc., paid $100,000 to buy Potter's 8 percent, two year bonds with a $100.000 par value. The bonds pay interest semiannually on March 31 and September 30. Jerome intends to hold the bonds until they mature Complete the necessary journal entry by selecting the account names from the pull-down menus and entering dollar amounts in the debit and credit columns View transaction list Journal entry worksheet Assume that on April 1, Jerome, Inc., paid...
Required information On November 1 Jerome sold some of its investment in Melina Corporation which had a cost of $750 for $1.000 cash. Complete the necessary journal entry selecting the account names from the pull-down menus and entering dollar amounts in the debit and credit columns View transaction list Journal entry worksheet On November 1, Jerome sold some of its investment in Melina Corporation which hada con of $750 for $1.000 cash Complete the necessary journal entry selecting the account...
requires explanation
Videos Account for equity Securities within for equity securities with insignificant L O Required information Knowledge Check 01 Jerome has insignificant influence of Melina Corporation because it owns less than 20% of the voting stock. The cost of the Melina stock is $5,000 and has a fair value of $6,000 on December 31 at the end of the first year it held the securities. Complete the necessary adjusting entry selecting the account names from the pull-down menus and...
Jerome, Inc, owned a single short-term available for sale security with a cost of $40,000 and a fair value of $40,500 at December 31 of the previous year. At that time, an adjusting entry was recorded for the fair value adjustment with a debit to Fair Value Adjustment- Available for sale for $500 and a credit to Unrealized Gain Equity for $500. Jerome sold that security for $39.900 on January 4 of the current year. Complete the necessary journal entry...
Jerome, Inc., owned a single short term available for sale security with a cost of $40,000 and a fair value of $40,500 at December 31 of the previous year. At that time, an adjusting entry was recorded for the fair volue adjustment with a debit to Fair Value Adjustment Available for sale for $500 and a credit to Unrealized Gain-Equity for $500. Jerome sold that security for $39,900 on January 4 of the current year. Complete the necessary journal entry...
Exercise 15-20 Saved Prepare Hertog Company's journal entries to record the following transactions for the current year. May 7 Purchases Kraft bonds as a short-term investment in trading securities at a cost of $10,300. June 6 Sells its entire investment in Kraft bonds for $11,050 cash. View transaction list Journal entry worksheet < 1 2 Purchases Kraft bonds as a short-term investment in trading securities at a cost of $10,300. Note: Enter debits before credits. Date General Journal May 07...
Saved Required information Knowledge Check 01 On December 29, 2020, Patel Products, Inc, sells a delivery van that cost $20,000 The equipment had accumulated depreciation of $16,000 at December 31, 2019. Annual depreciation on this equipment is $2,000 computed using straight-line depreciation Complete the necessary journal entry to bring the accumulated depreciation up-to-date by selecting the account names from the drop- down menus and entering the dollar amounts in the debit or credit columns View transaction fist Journal entry worksheet...
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