Answered step by step
Verified Expert Solution
Question
1 Approved Answer
journalize the entries to record the transactions. refer to the chart of Accounts for exact wording of account titles. When required, round your answers to
journalize the entries to record the transactions. refer to the chart of Accounts for exact wording of account titles. When required, round your answers to the nearest dollar..
Journalize the entries to record the following selected equity investment transactions completed by Yerbury during a recent year. Refer to the Chart of Accounts for exact wording of account titles. When required, round your answers to the nearest dollar Feb Mar. June 7 Purchased for cash 5,300 shares of Wong Inc. stock for $20 per share plus a S110 brokerage commission Received dividends of S0.30 per share on Wong Inc, stock. Purchased 2,000 shares of Wong Inc stock for $26 per share plus a $120 brokerage commission Sold 6,000 shares of Wong Inc. stock for $35 per share less a $100 brokerage commission. Yerbury assumes that the first investments purchased are the first investments sold. Received dividends of $0.40 per share on Wong Inc stock July 26 Sept. 25 Missing Statement Items, Available-for-Sale Securities Highland Industries Inc. makes investments in available-for-sale securities. Selected income statement items for the years ended December 31, Year 2 and Year 3, plus selected items from comparative balance sheets, are as follows: There were no dividends. Determine the missing items. If required, use the minus sign to indicate a net or operating loss, unrealized losses, or a credit balance in the valuation allowance account. Highland Industries Inc. Selected Income Statement Items For the Years Ended December 31, Year 2 and Year 3 Year 2 Year 3 7,500 Operating Income (Loss) Gain (Loss) from Sale of Investments Net Income (Loss) (12,000) $(21,000) Highland Industries Inc. Selected Balance Sheet Items December 31, Year 1, Year 2, and Year 3 Dec. 31, Year 1 Dec 31, Year 2 Dec 31, Year 3 $102,000 $86,000 - Journalize the entries to record the following selected equity investment transactions completed by Yerbury during a recent year. Refer to the Chart of Accounts for exact wording of account titles. When required, round your answers to the nearest dollar Feb Mar. June 7 Purchased for cash 5,300 shares of Wong Inc. stock for $20 per share plus a S110 brokerage commission Received dividends of S0.30 per share on Wong Inc, stock. Purchased 2,000 shares of Wong Inc stock for $26 per share plus a $120 brokerage commission Sold 6,000 shares of Wong Inc. stock for $35 per share less a $100 brokerage commission. Yerbury assumes that the first investments purchased are the first investments sold. Received dividends of $0.40 per share on Wong Inc stock July 26 Sept. 25 Missing Statement Items, Available-for-Sale Securities Highland Industries Inc. makes investments in available-for-sale securities. Selected income statement items for the years ended December 31, Year 2 and Year 3, plus selected items from comparative balance sheets, are as follows: There were no dividends. Determine the missing items. If required, use the minus sign to indicate a net or operating loss, unrealized losses, or a credit balance in the valuation allowance account. Highland Industries Inc. Selected Income Statement Items For the Years Ended December 31, Year 2 and Year 3 Year 2 Year 3 7,500 Operating Income (Loss) Gain (Loss) from Sale of Investments Net Income (Loss) (12,000) $(21,000) Highland Industries Inc. Selected Balance Sheet Items December 31, Year 1, Year 2, and Year 3 Dec. 31, Year 1 Dec 31, Year 2 Dec 31, Year 3 $102,000 $86,000
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started