Chapter 15 - Problem 15-1B(60 minutes Part 1 2008 Mar 10...

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Unformatted text preview: Problem 15-1B (60 minutes) Part 1 2008 Mar. 10 Short-Term Investments—Trading (AOL)............ 143,505 Cash............................................................ ........................................................................... 143,505 Purchased AOL shares [(2,400 x $59.15) + $1,545]. May 7 Short-Term Investments—Trading (MTV)........ 184,105 Cash............................................................ 184,105 Purchased MTV shares [(5,000 x $36.25) + $2,855]. Sept. 1 Short-Term Investments—Trading (UPS)........ 69,950 Cash............................................................ 69,950 Purchased UPS shares [(1,200 x $57.25) + $1,250]. 2009 Apr. 26 Cash.................................................................. 170,450 Loss on Sale of Short-Term Investments...... 13,655 Short-Term Investments—Trading (MTV).. 184,105 Sold MTV shares [(5,000 x $34.50) - $2,050]. 27 Cash.................................................................. 70,812 Gain on Sale of Short-Term Investments 862 Short-Term Investments—Trading (UPS). . 69,950 Sold UPS shares [(1,200 x $60.50) - $1,788]. June 2 Short-Term Investments—Trading (SPW)............ 622,450 Cash............................................................ 622,450 Purchased SPW shares [(3,600 x $172.00) + $3,250]. 14 Short-Term Investments—Trading (W-M)........ 46,307 Cash............................................................ 46,307 Purchased Wal-Mart shares [(900 x $50.25) + $1,082]. Problem 15-1B (Concluded) 2010 Jan. 28 Short-Term Investments—Trading (Pepsi).... 88,890 Cash.......................................................... 88,890 Purchased PepsiCo shares [(2,000 x $43.00) + $2,890]. 31 Cash................................................................ 602,760 Loss on Sale of Short-Term Investments.... 19,690 Short-Term Investments—Trading (SPW). 622,450 Sold SPW shares [(3,600 x $168) - $2,040]. Aug. 22 Cash................................................................ 133,720 Loss on Sale of S-T Investments................. 9,785 Short-Term Investments—Trading (AOL).. 143,505 Sold AOL shares [(2,400 x $56.75) - $2,480]. Sept. 3 Short-Term Investments—Trading (Voda).... 62,430 Cash.......................................................... 62,430 Purchased Vodaphone shares [(1,500 x $40.50) + $1,680]. Oct. 9 Cash................................................................ 47,155 Gain on Sale of Short-Term Investments... 848 Short-Term Investments—Trading (W-M). . 46,307 Sold Wal-Mart shares [(900 x $53.75) - $1,220]. Part 2 (Adjusting entry at December 31, 2010) Dec. 31 Unrealized Loss—Income................................... 13,820 Market Adjustment—Trading*................ 13,820 To reflect an unrealized loss in market values of trading securities....
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This note was uploaded on 11/13/2010 for the course ACCT ACCT 2 taught by Professor Chunlu during the Summer '08 term at Santa Monica.

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Chapter 15 - Problem 15-1B(60 minutes Part 1 2008 Mar 10...

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