Homework Help is Here – Start Your Trial Now!
Business
Accounting
Apr.   16   Purchased 5,000 shares of Lafayette Co. stock at $26 per share. July   7   Purchased 3,500 shares of CVF Co. stock at $51 per share.     20   Purchased 1,600 shares of Green Co. stock at $18 per share. Aug.   15   Received an $1.20 per share cash dividend on the Lafayette Co. stock.     28   Sold 3,000 shares of Lafayette Co. stock at $29 per share. Oct.   1   Received a $3.30 per share cash dividend on the CVF Co. shares. Dec.   15   Received a $1.40 per share cash dividend on the remaining Lafayette Co. shares.     31   Received a $2.70 per share cash dividend on the CVF Co. shares. What would the end result be on the general ledger?

Apr.   16   Purchased 5,000 shares of Lafayette Co. stock at $26 per share. July   7   Purchased 3,500 shares of CVF Co. stock at $51 per share.     20   Purchased 1,600 shares of Green Co. stock at $18 per share. Aug.   15   Received an $1.20 per share cash dividend on the Lafayette Co. stock.     28   Sold 3,000 shares of Lafayette Co. stock at $29 per share. Oct.   1   Received a $3.30 per share cash dividend on the CVF Co. shares. Dec.   15   Received a $1.40 per share cash dividend on the remaining Lafayette Co. shares.     31   Received a $2.70 per share cash dividend on the CVF Co. shares. What would the end result be on the general ledger?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
Apr.   16   Purchased 5,000 shares of Lafayette Co. stock at $26 per share.
July   7   Purchased 3,500 shares of CVF Co. stock at $51 per share.
    20   Purchased 1,600 shares of Green Co. stock at $18 per share.
Aug.   15   Received an $1.20 per share cash dividend on the Lafayette Co. stock.
    28   Sold 3,000 shares of Lafayette Co. stock at $29 per share.
Oct.   1   Received a $3.30 per share cash dividend on the CVF Co. shares.
Dec.   15   Received a $1.40 per share cash dividend on the remaining Lafayette Co. shares.
    31   Received a $2.70 per share cash dividend on the CVF Co. shares.

What would the end result be on the general ledger?

Below is a transcription of the financial transactions relating to stock investments. This document illustrates entries for cash, gains, dividend revenue, and unrealized loss, providing insight into the handling of stock investments. --- ### Financial Transactions #### Entry 5: - **Date:** Aug 28 - **Debit:** Cash | **Amount:** $87,000 - **Credit:** Gain on sale of stock investments | **Amount:** $9,000 - **Credit:** Stock investments | **Amount:** $78,000 #### Entry 6: - **Date:** Oct 01 - **Debit:** Cash | **Amount:** $11,550 - **Credit:** Dividend revenue | **Amount:** $11,550 #### Entry 7: - **Date:** Dec 15 - **Debit:** Cash | **Amount:** $2,800 - **Credit:** Dividend revenue | **Amount:** $2,800 #### Entry 8: - **Date:** Dec 31 - **Debit:** Cash | **Amount:** $9,450 - **Credit:** Dividend revenue | **Amount:** $9,450 #### Entry 9: - **Date:** Dec 31 - **Debit:** Unrealized loss - Income - **Credit:** Fair Value Adjustment - Stock Investments --- ### Instructions - Use the navigation buttons to check other sections: [Requirement] and [General Ledger].
Transcribed Image Text:Below is a transcription of the financial transactions relating to stock investments. This document illustrates entries for cash, gains, dividend revenue, and unrealized loss, providing insight into the handling of stock investments. --- ### Financial Transactions #### Entry 5: - **Date:** Aug 28 - **Debit:** Cash | **Amount:** $87,000 - **Credit:** Gain on sale of stock investments | **Amount:** $9,000 - **Credit:** Stock investments | **Amount:** $78,000 #### Entry 6: - **Date:** Oct 01 - **Debit:** Cash | **Amount:** $11,550 - **Credit:** Dividend revenue | **Amount:** $11,550 #### Entry 7: - **Date:** Dec 15 - **Debit:** Cash | **Amount:** $2,800 - **Credit:** Dividend revenue | **Amount:** $2,800 #### Entry 8: - **Date:** Dec 31 - **Debit:** Cash | **Amount:** $9,450 - **Credit:** Dividend revenue | **Amount:** $9,450 #### Entry 9: - **Date:** Dec 31 - **Debit:** Unrealized loss - Income - **Credit:** Fair Value Adjustment - Stock Investments --- ### Instructions - Use the navigation buttons to check other sections: [Requirement] and [General Ledger].
Here's a transcription of the table suitable for an educational website: --- ### Investment Transactions Record | No | Date | Account Title | Debit | Credit | |----|--------|-------------------------------------------|---------|---------| | 1 | Apr 16 | **Stock investments** | 130,000 | | | | | Cash | | 130,000 | | 2 | Jul 07 | **Stock investments** | 178,500 | | | | | Cash | | 178,500 | | 3 | Jul 20 | **Stock investments** | 28,800 | | | | | Cash | | 28,800 | | 4 | Aug 15 | **Cash** | 6,000 | | | | | Dividend revenue | | 6,000 | | 5 | Aug 28 | **Cash** | 87,000 | | | | | Gain on sale of stock investments | 9,000 | | | | | Stock investments | | 78,000 | | 6 | Oct 01 | **Cash** | 11,550 | | | | | Dividend revenue | | 11,550 | | 7 | Dec 15 | **Cash** | 2,800 | | | | | Dividend revenue | | 2,800 | --- This table presents a series of financial transactions, focusing on stock investments and related cash and revenue changes. Each entry records the date, account involved, and the debit and credit amounts.
Transcribed Image Text:Here's a transcription of the table suitable for an educational website: --- ### Investment Transactions Record | No | Date | Account Title | Debit | Credit | |----|--------|-------------------------------------------|---------|---------| | 1 | Apr 16 | **Stock investments** | 130,000 | | | | | Cash | | 130,000 | | 2 | Jul 07 | **Stock investments** | 178,500 | | | | | Cash | | 178,500 | | 3 | Jul 20 | **Stock investments** | 28,800 | | | | | Cash | | 28,800 | | 4 | Aug 15 | **Cash** | 6,000 | | | | | Dividend revenue | | 6,000 | | 5 | Aug 28 | **Cash** | 87,000 | | | | | Gain on sale of stock investments | 9,000 | | | | | Stock investments | | 78,000 | | 6 | Oct 01 | **Cash** | 11,550 | | | | | Dividend revenue | | 11,550 | | 7 | Dec 15 | **Cash** | 2,800 | | | | | Dividend revenue | | 2,800 | --- This table presents a series of financial transactions, focusing on stock investments and related cash and revenue changes. Each entry records the date, account involved, and the debit and credit amounts.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps with 2 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Accounting for stockholder's equity
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS