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Prepare the general journal entry for Cheyenne Corp. for the sale of the Thomas Corp. stock. (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 Debit Credit 3-1-22

Prepare the general journal entry for Cheyenne Corp. for the sale of the Thomas Corp. stock. (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 Debit Credit 3-1-22

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Cheyenne Corp. has the following securities in its portfolio of equity securities on December 31, 2021:

    Cost   Fair Value
5,000 shares of Thomas Corp., Common   $152,000   $140,000
10,000 shares of Gant, Common   182,000   190,100
    $334,000   $330,100


All of the securities had been purchased in 2021. In 2022, Cheyenne Corp. completed the following securities transactions:

March 1   Sold 5,000 shares of Thomas Corp., Common @ $31 less fees of $1,500.
April 1   Bought 610 shares of Werth Stores, Common @ $47 plus fees of $500.


The Cheyenne Corp. portfolio of equity securities appeared as follows on December 31, 2022:

    Cost   Fair Value
10,000 shares of Gant, Common   $182,000   $193,000
610 shares of Werth Stores, Common   29,170   27,120
    $211,170   $220,120

My question is in the pictures. The second entry, b.

(a) Your answer has been saved. See score details after the due date. Prepare the general journal entry for Cheyenne Corp. for the 2021 adjusting entry. (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 Debit Credit 12-31-21 Unrealized Holding Gain or Loss - Income 3900 Fair Value Adjustment 3900 Attempts: 1 of 1 used (b)
Transcribed Image Text:(a) Your answer has been saved. See score details after the due date. Prepare the general journal entry for Cheyenne Corp. for the 2021 adjusting entry. (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 Debit Credit 12-31-21 Unrealized Holding Gain or Loss - Income 3900 Fair Value Adjustment 3900 Attempts: 1 of 1 used (b)
(b) Prepare the general journal entry for Cheyenne Corp. for the sale of the Thomas Corp. stock. (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 Debit Credit 3-1-22 Save for Later Attempts: 0 of 1 used Submit Answer (c)
Transcribed Image Text:(b) Prepare the general journal entry for Cheyenne Corp. for the sale of the Thomas Corp. stock. (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 Debit Credit 3-1-22 Save for Later Attempts: 0 of 1 used Submit Answer (c)
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