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Amazing Goods plans to hold onto their debt investments until maturity on 9/31/2022. The equity investments are public company stocks that represent trading securities. Any
Amazing Goods plans to hold onto their debt investments until maturity on 9/31/2022. The equity investments are public company stocks that represent trading securities. Any interest revenues and expenses (for debt) for 2020 have already been received or paid for at year-end, respectively. (No need for further interest adjustments.)
Based on the fact above, make the appropriate adjusting Journal entries
579,920.00 8,000.00 24,000.00 26,750.00 16,370.00 8,000.00 2,200.00 870,000.00 300,000.00 1000 Cash and Equivalents 1010 Prepaid Insurance 1020 Raw Materials 1030 Goods in process 1040 Finished Goods 1050 Office Supplies 1060 Goodwill 1070 Building 1080 Accumulated Depreciation-Building 1090 Land 1100 Accounts Receivable 1110 Debt Investments 1120 Equity Investments 1130 Allowance for Doubtful Accounts 2000 Accounts Payable 2010 Accrued Expenses 2020 Unearned Revenue 2030 Warranty Liability 2040 Long-term Debt 3000 Common Stock 3010 Retained Earnings 3020 Preferred Stock 3030 Other Comprehensive Income (OCI) 820,000.00 340,000.00 8,250.00 6,750.00 10,000.00 83,200.00 0.00 1,500.00 55,000.00 498,000.00 1,278,500.00 320,650.00 180,950.00 14,540.000 788,820.00 0.00 6,000.00 5,000.00 506,000.00 1,400.00 4000 Sales Revenue 4010 Rent Revenue 4020 Sales Discounts Forfeited 4030 Interest Revenue 5000 Cost of Goods Sold 5010 Supplies Expense 5020 Insurance Expense 5030 Interest Expense 5040 Depreciation Expense 5050 Warranty Expense 5060 Wage Expense 5070 Bad Debt Expense 6000 Gain on Sale of Equipment 5,000.00 322,920.00 3,400.00 3,545,560.00 3,545,560.00 579,920.00 8,000.00 24,000.00 26,750.00 16,370.00 8,000.00 2,200.00 870,000.00 300,000.00 1000 Cash and Equivalents 1010 Prepaid Insurance 1020 Raw Materials 1030 Goods in process 1040 Finished Goods 1050 Office Supplies 1060 Goodwill 1070 Building 1080 Accumulated Depreciation-Building 1090 Land 1100 Accounts Receivable 1110 Debt Investments 1120 Equity Investments 1130 Allowance for Doubtful Accounts 2000 Accounts Payable 2010 Accrued Expenses 2020 Unearned Revenue 2030 Warranty Liability 2040 Long-term Debt 3000 Common Stock 3010 Retained Earnings 3020 Preferred Stock 3030 Other Comprehensive Income (OCI) 820,000.00 340,000.00 8,250.00 6,750.00 10,000.00 83,200.00 0.00 1,500.00 55,000.00 498,000.00 1,278,500.00 320,650.00 180,950.00 14,540.000 788,820.00 0.00 6,000.00 5,000.00 506,000.00 1,400.00 4000 Sales Revenue 4010 Rent Revenue 4020 Sales Discounts Forfeited 4030 Interest Revenue 5000 Cost of Goods Sold 5010 Supplies Expense 5020 Insurance Expense 5030 Interest Expense 5040 Depreciation Expense 5050 Warranty Expense 5060 Wage Expense 5070 Bad Debt Expense 6000 Gain on Sale of Equipment 5,000.00 322,920.00 3,400.00 3,545,560.00 3,545,560.00Step by Step Solution
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