Rose Company had no short-term investments prior to this year. It had the following transactions this year involving short-term stock investments with insignificant influence.April 16 Purchased 3,500 shares of Gem Company stock at $24 per share.July 7 Purchased 2,000 shares of PepsiCo stock at $49 per share.July 20 Purchased 1,000 shares of Xerox stock at $16 per share.August 15 Received a $1.00 per share cash dividend on the Gem Company stock.Gem Company stock at $30 per share.August 28Sold 2,000 shares ofReceived a $2.50 per share cash dividend on the PepsiCo shares.October 1December 15$1.00 per share cash dividend on the remaining Gem Company shares.December 31 Received a $1.50 per share cash dividend on the PepsiCo shares.Received aThe year-end fair values per share are Gem Company, $26; PepsiCo, $46; and Xerox, $13. Journal entry worksheet1Record the year-end adjusting entry for the securities portfolio.Note: Enter debits before credits.DateDecember 31General JournalDebitCredit>

The cash is being paid to the company shareholders . These are main be to the existing shareholder…

Answered: Journal entry worksheet 1 Record the…

Journal entry worksheet 1 Record the year-end adjusting entry for the securities portfolio. ote: Enter debits before credits. Date December 31 General Journal Debit Credit

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: Blue Company had the following Shareholders' Equity accounts as of May Share capital: Preferred…

A: Formula : Par value of common shares = Amount outstanding / Number of shares

Q: Hillside issues $4,000,000 of 6%, 15-year bonds dated January 1, 2021, that pay interest…

A: Solution 1: Journal Entries - Hillside Date Particulars Debit Credit 1-Jan-21 Cash…

Q: date Face Rate% Term aug. 8. 45000.…

A: Income statement is an important lifeline of accounting as it defines a companies financial position…

Q: Determine due date and interest on notes Determine the due date and the amount of interest due at…

A: The promissory notes can be defined as a legal lending document that consists of the promise made by…

Q: Now journalize the collection of principal and interest at maturity on the three notes. Explanations…

A: Step 1 Interest on financial instruments is to be credited and capitalized along with the redemption…

Q: Prepare journal entries to record the the gross method. (Hint: It will help to identify each…

A: Journal Entries - Journal Entries are used to record transactions entered into by the company. It is…

Q: (a) On March 1, journalize the entry to record the write-off, assuming that the direct write-off…

A: Journal: It is a systematic record of a financial transaction recorded in a chronological order.

Q: American Laser, incorporated, reported the following account balances on January 1. Debit Credit…

A: Dividends are declared from the retained earnings , hence declaring of dividends decrease the…

Q: From the data below for Wong Company, prepare the closing entries for the year ended December 31.…

A: Date Account title and explanation Debit $ credit $ Dec-31 Sales $ 982,600 Interest revenue…

Q: Required information APA-2 (Algo) Recording Passive Investments LO A-1 [The following information…

A: Financial instruments known as bonds reflect loans made by investors to borrowers, who are typically…

Q: Prepare the journal entry to record the accrual of interest and the discount amortization on…

A: when bonds are issued at discount then interest expense equals cash interest paid and discount on…

Q: Sundance Systems has the following transactions during July. July 5 Purchases 32 LCD televisions on…

A: Journal Entry :— It is an act of recording transaction in books of account when transaction…

Q: A company purchased a certificate of deposit (a short-term investment that pays interest to the…

Q: Keesha Company borrows $115,000 cash on December 1 of the current year by signing a 150-day, 10%,…

A: A promissory note, also commonly known as a note, is a promise in writing to pay a sum of money at a…

Q: DATE ITEM POST. REF. DEBIT CREDIT BALANCE 20-- Aug. J1 1,300.00 1,300.00 8. J1 110.00 1,190.00 NAME…

A: Sales is the proceeds from the delivery of goods and services by the business. Sales can be made on…

Q: On July 1, 2024, Sunland Corp, issued $3.94 million of 10-year, 5% bonds at $4,262,123. This price…

A: The bonds are the financial instruments for the business. The bonds are issued to raise money from…

Q: Prepare the entries for transaction below and indicate what journal it is 12 august received…

A: Journal entry ise to record accounting transaction under double entry system. Each journal entry…

Q: C.S.Vaughn Company had these transactions involving notes payable. July 1, 2022 Borrows $51,500 from…

A: A journal entry is a form of accounting entry that is used to report a business transaction in a…

Q: Madrid Company plans to issue 11% bonds with a par value of $5,700,000. The company sells $5,130,000…

A: BOND Bond is Generally issued by the Company or Government to generate fund for their Business. In…

Q: Required information [The following information applies to the questions displayed below.] Pearl E.…

A: Allowance for doubtful debts is considered as the contra asset item i.e used to decrease the value…

Q: sued a 30-day, 7% note for $67,200 to a creditor on account. The company uses a 360-day year for…

A: Solution: Issuance of note to a creditor on accounts means note is issued to a creditor for their…

Q: Following are transactions of Danica Company. Dec. 13 Accepted a $19, 000, 45-day, 7% note in…

A: interest expense = principal * time * rate

Q: Homestead Oil Corp. was incorporated on January 1, 2019, and issued the following stock for cash: •…

A: Cash received for preferred in excess of par value of preferred shares will be credited to…

Q: SweetFish Corp. issued bonds with a par value of $920,000 and a five-year life on May 1, 2020. The…

A: Formulas Used:- Cash Interest Paid = @5.75% of 920,000 Period Interest Expenses = @6% of Carrying…

Q: Which of the following responses to an accounts receivable confirmation at December 31

Q: Accounting for notes receivable and accruing interest Carley Realty loaned money and received the…

A: 1. The maturity date of note 1, note 2 and note 3 are 31 March, 31 March and 18 December. The…

Q: The following events occur for Messer Engineering during 2024 and 2025, its first two years of…

A: The company makes sales on cash as well as on the account, the sales on account are made to achieve…

Q: Prepare the journal entry to record the payment of interest and the discount amortization on…

A: Step 1:Journal Entry to record the issuance of Bonds:Cash(Issued Price) = $730,000Discount on Bonds…

Q: On 31 December 20X7, a company has the following bond on the statement of financial position: Bond…

A: Bonds are one of the types of finance where government and private institutions, corporations etc…

Q: Journal entry: If a company uses the ALLOWANCE method for valuing Accounts Receivable on the balance…

A: If company uses allowance method then at the end of the year business will evaluate the estimated…

Q: FOR THE YEAR ENDED 31 DECEMBER FOR THE YEAR ENDED 31 DECEMBER 2016 2017 2018 2019 2020 2021 2022…

A: Account receivable turnover ratio tells the efficiency of company in collection of debts. High ratio…

Q: Prepare the journal entries to record the three notes receivable transactions of Larkspur on July 1,…

A: A notes receivable, which is as per the non-interest bearing note means that the present value is…

Q: Here is Cullumber Company's portfolio of long-term stock investments at December 31, 2019, the end…

A: Fair Value Adjustment In the event of a significant gap between the fair value and the asset's…

Q: An adjusting entry is required for: Select one © a. Deposit în transit. O b. Outstanding checks O…

A: Adjusting entries: Adjusting entries are those entries which are recorded at the end of the year, to…

Q: Access the FASB Accounting Standards Codification at the FASB website (www.fasb.org). Determine the…

Question

Rose Company had no short-term investments prior to this year. It had the following transactions this year involving short-
term stock investments with insignificant influence.
April 16 Purchased 3,500 shares of Gem Company stock at $24 per share.
July 7 Purchased 2,000 shares of PepsiCo stock at $49 per share.
July 20 Purchased 1,000 shares of Xerox stock at $16 per share.
August 15 Received a $1.00 per share cash dividend on the Gem Company stock.
Gem Company stock at $30 per share.
August 28
Sold 2,000 shares of
Received a $2.50 per share cash dividend on the PepsiCo shares.
October 1
December 15
$1.00 per share cash dividend on the remaining Gem Company shares.
December 31 Received a $1.50 per share cash dividend on the PepsiCo shares.
Received a
The year-end fair values per share are Gem Company, $26; PepsiCo, $46; and Xerox, $13.

Journal entry worksheet
1
Record the year-end adjusting entry for the securities portfolio.
Note: Enter debits before credits.
Date
December 31
General Journal
Debit
Credit
>

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

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

Prepare the journal entries to record the mortgage loan and the first two installment payments. (Round answers to O decimal places, e.g. 15,250. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Dec. 31, 2017 Dec. 31, 2018 Dec. 31, 2019 Debit Credit
Please proper solution no plagiarism please
Prepare the four closing entries for the following adjusted trial balance, using the journal on the next page. Account Title Cash Accounts receivable Office supplies Trucks Accumulated depreciation-Trucks Land Accounts payable Interest payable Long-term notes payable Common stock Retained earnings Dividends Trucking revenue Depreciation expense-Trucks Salaries expense Office supplies expense Repairs expense Debit $ 8,000 17,500 3,000 172,000 85,000 20,000 23,500 61,000 8,000 12,000 Credit $ 36,000 12,000 4,000 58,000 30,000 140,000 130,000
[The following information applies to the questions displayed below.] On January 1, Year 1, the general ledger of a company includes the following account balances: Debit Credit Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts $ 25,600 47,200 $ 4,700 Inventory Land 20,500 51,000 17,500 Equipment Accumulated Depreciation Accounts Payable Notes Payable (6%, due April 1, Year 2) Common Stock 2,000 29,000 55,000 40,000 31,100 $161,800 Retained Earnings Totals $161,800 During January Year 1, the following transactions occur: 2 Sold gift cards totaling $9,000. The cards are redeemable for merchandise within one year of the purchase date. 6 Purchase additional inventory on account, $152,000. January January January 15 The comapany sales for the first half the onth total $140,000. All of these sales are on account. The cost of the units sold is $76,300. January 23 Receive $125,900 from customers on accounts receivable. January 25 Pay $95,000 to inventory suppliers on…
a. If the note is issued with a 45-day term, journalize the entries to record (refer to the company's Chart of Accounts for exact wording of account titles): 1. the issuance of the note.
Guardian Carpets Incorporated provided the following accounts related to beginning balances in its accounts receivable and allowance accounts for the current year: Accounts Receivable Beginning Balance 6,000,000 Allowance for Uncollectible Accounts 2,000,000 Beginning Balance Question content area top right Part 1 Requirement Prepare the journal entries to record the following transactions that occurred during the current year. Prepare a schedule for both accounts receivable and the allowance for uncollectible accounts that shows the beginning balances, the various items that change the beginning balance, and the ending balance. Question content area bottom Part 1 Prepare the journal entries to record the following transactions that occurred during the current year. (Record debits first, then credits. Exclude explanations from any journal…
Journalize the following, assuming a 360-day year is used for interest computations: Apr. 30 Issued a $1,080,000, 120-day, 9% note dated April 30 to Misner Co. on account. Paid Misner Co. the amount owed on the note dated April 30. Aug. 30 If an amount box does not require an entry, leave it blank. Apr. 30 Aug. 30
View transaction list Journal entry worksheet >