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hhfa7eeipch05-48A - Problem 5-48A Prepare T-accounts for...

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Good student Fri, Oct 12, 2007 BU 121 ID 503 Test Your Knowledge Problem 5-48A Instructions 1. 2. Journalize the foregoing transactions and post to the T-accounts. 3. Show how to report the short-term investment on the Cablevision balance sheet at December 31. 4. Show how to report whatever should appear on Cablevision's income statement. 5. Cablevision sold the trading investment for $8,000 on January 10, 20X7. Journalize the sal Requirements 1 and 2 Cash Short-Term Investment 20,000 9,000 9,000 1,500 320 7,500 Dividend Revenue 320 1500 Journal DATE ACCOUNT TITLES AND EXPLANATION DEBIT 20X6 Nov. 12 Short-Term Investment 9,000 Cash 1,000 Shares @ $9 per share Dec. 14 Cash 320 Dividend Revenue Cash Dividend @ $.32 per share Dec. 31 Unrealized Loss on Investment 1,500 Short-Term Investments Market Value @ $7.5 per share
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Unformatted text preview: Problem 5-48A Prepare T-accounts for: Cash, balance of $20,000; Short-Term Investment; Dividend Reve Unrealized Loss on Investment. (pp. 219-221) Unrealized Loss on Investment Good student Fri, Oct 12, 2007 BU 121 ID 503 Requirements 3 BALANCE SHEET CURRENT ASSETS: Short-Term Investment @ market value Requirements 4 INCOME STATEMENT Other revenue & expense Dividend revenue Unrealized loss on investment Requirements 5 Journal DATE ACCOUNT TITLES AND EXPLANATION DEBIT 20X7 Jan. 10 Cash 8,000 Gain on Sale of Investment Short Term Investment Trading investment sold for $8,000 / Gain of $500 Good student Fri, Oct 12, 2007 BU 121 ID 503 le. CREDIT 9,000 320 1,500 enue; Good student Fri, Oct 12, 2007 BU 121 ID 503 $7,500 $320 (1,500) CREDIT 500 7,500...
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