Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

3 tf tge. On the maturity date of a bond investment, the journal entry includes A) a debit to Cash and a credit to Held-to-Maturity

3 tf tge. image text in transcribed
On the maturity date of a bond investment, the journal entry includes A) a debit to Cash and a credit to Held-to-Maturity Debt Investments B) a debit to Long-term Investments and a credit to Cash C) a debit to the Interest Revenue and a credit to Cash OD) recording a gain or loss on disposition at maturity QUESTION 39 Franklin Corporation Invested $100,000 to acquire 20,000 shares of Hope Technologies, Inc. on March 1, 2018. Hope pays a cash dividend of $0.25 per share on July 2, 2019. The investment is classified as equity securities with no significant influence. Based on these two transactions, which of the following is TRUE of the accounting equation as of July 2, 2019? A) Total assets in the balance sheet will remain unchanged. B) Current assets in the balance sheet will remain unch C) Equity in the balance sheet will increase. D) Total liabilities in the balance sheet will increase QUESTION 40 All State Services, Inc. acquired 100,000 shares of Omega Metals, Inc. on January 1, 2018. Omega pays a cash dividend of $0.25 per share on March 2, 2019. With the current investment. All State Services, Inc. holds 8% of Omega. In the journal entry on March 2 2019 A) Equity Investments is credited B) Dividend Revenue is credited C) Equity Investments is debited D) Cash Dividends is credited

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting Tools For Business Decision Making

Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso

6th Edition

111919167X, 9781119191674

More Books

Students also viewed these Accounting questions

Question

=+1. How can the process of movie utilization be described?

Answered: 1 week ago