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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
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.
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)
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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