Written Assignment Page 3

Written Assignment Page 3 - 0.3 Investment revenue...

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P12-07 Page 1 Student Name: Dustin Taylor Class: ACC-202 Problem 12-07 AMALGAMATED GENERAL CORPORATION General Journal ($ in millions) Account Debit Credit 2011 October 18 Investment in Millwork Ventures preferred shares 58 Cash 58 «- Correct! October 31 Cash 1.5 Investment revenue 1.5 «- Correct! November 1 Investment in Holistic Entertainment bonds 18 Cash 18 «- Correct! November 1 Cash 28 Loss on sale of investments 2 Investment in Kansas Abstractors bonds 30 «- Correct! December 1 Investment in Household Plastics bonds 60 Cash 60 «- Correct! December 20 Investment in U.S. Treasury bonds 5.6 Cash 5.6 «- Correct! December 21 Investment in NXS common shares 44 Cash 44 «- Correct! December 23 Cash 5.7 «- Correct! Investment in U.S. Treasury bonds 5.6 Gain on sale of investments 0.1 December 29 Cash 3 Investment revenue 3 «- Correct!
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P12-07 Page 2 December 31 Accrued interest: Investment revenue receivable - Holistic Entertainment
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Unformatted text preview: 0.3 Investment revenue receivable - Household Plastics 0.6 Investment revenue 0.9 - Correct! Revaluations: Net unrealized holding gains and losses-OCI 3 Fair value adjustment 3 - Correct! Fair value adjustment 2 Net unrealized holding gains and losses-I/S 2 - Correct! Closing entry: Net unrealized holding gains and losses-I/S(NXS) 2.0 Investment revenue 5.4 Gain on sale of investments (U.S. Treasury bonds) 0.1 Loss on sale of investments (Kansas Abstractors) 2.0 Income summary (to balance) 5.5 - Correct! 2012 January 7 Cash 43 Loss on sale of investments (to balance) 1 Investment in NXS common shares (account balance) 44 - Correct! December 31 Net unrealized holding gains and losses-I/S 2.0 Fair value adjustment 2.0 - Correct!...
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Written Assignment Page 3 - 0.3 Investment revenue...

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