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Please work out all the blanks Dec. 31: Bethel Backpacks reported net income of $110,000 for the year. Date Accounts and Explanations Debit Credit Dec.
Please work out all the blanks
Dec. 31: Bethel Backpacks reported net income of $110,000 for the year. Date Accounts and Explanations Debit Credit Dec. 31 Dec. 31: Adjusted the Avery stock for a market value of $7.90 per share. Date Accounts and Explanations Debit Credit Dec. 31 Requirement 2. Determine the effect on Outdoor Adventure Company's net income for the year for each of the three investments. (Enter a decrease with a minus sign or parentheses.) Review the journal entries prepared in Requirement 1 Net increase (decrease) in Outdoor Adventure's 2019 income Investment Avery Bethel Courage Sep. 30: Received dividends of $0.40 per share from Avery Date Accounts and Explanations Debit Credit Sep. 30 Nov. 1: Received dividends of $0.50 per share from Bethel. Date Accounts and Explanations Debit Credit Nov.1 Dec. 31: Received an interest payment of $3,000 from Courage Canoes. Date Accounts and Explanations Debit Credit Dec. 31 Requirement 1. Journalize the transactions including any entries, if required, at December 31, 2019. (Record debits first, then credits. Sel prorating any calculations based on the amount of time an investment was outstanding during the year, use full months. It is not necessary Jul. 1: Purchased 6,000 shares in Avery Outdoor Adventure Company for $8 per share. Outdoor Adventure does not have significant influe Date Accounts and Explanations Debit Credit Jul. 1 Jul. 7: Purchased 45% of the stock of Bethel Backpacks consisting of 63,000 shares of stock (out of a total of 140,000 shares) for $10 per Date Accounts and Explanations Debit Credit Jul. 7 Jul. 10: Purchased a bond from Courage Canoes with a face value of $100,000. Outdoor Adventure intends to hold the bond to maturity. T Debit Credit Date Accounts and Explanations Jul. 10 More Info July 1 Purchased 6,000 shares in Avery Outdoor Adventure Company for $8 per share. Outdoor Adventure does not have significant influence over Avery Purchased 45% of the stock of Bethel Backpacks consisting of 63,000 shares of stock (out of a total of 140,000 shares) for $10 per share. Outdoor Adventure does have significant influence over Bethel 7 10 Purchased a bond from Courage Canoes with a face value of $100,000. Outdoor Adventure intends to hold the bond to maturity The bond pays interest semiannually on June 30 and December 31 Sep. 30 Received dividends of $0.40 per share from Aveny Nov 1 Received dividends of $0.50 per share from Bethel. Dec. 31 Received an interest payment of $3,000 from Courage Canoes 31 31 Bethel Backpacks reported net income of $110,000 for the year Adjusted the Avery stock for a market value of $7.90 per share PrintDone Dec. 31: Bethel Backpacks reported net income of $110,000 for the year. Date Accounts and Explanations Debit Credit Dec. 31 Dec. 31: Adjusted the Avery stock for a market value of $7.90 per share. Date Accounts and Explanations Debit Credit Dec. 31 Requirement 2. Determine the effect on Outdoor Adventure Company's net income for the year for each of the three investments. (Enter a decrease with a minus sign or parentheses.) Review the journal entries prepared in Requirement 1 Net increase (decrease) in Outdoor Adventure's 2019 income Investment Avery Bethel Courage Sep. 30: Received dividends of $0.40 per share from Avery Date Accounts and Explanations Debit Credit Sep. 30 Nov. 1: Received dividends of $0.50 per share from Bethel. Date Accounts and Explanations Debit Credit Nov.1 Dec. 31: Received an interest payment of $3,000 from Courage Canoes. Date Accounts and Explanations Debit Credit Dec. 31 Requirement 1. Journalize the transactions including any entries, if required, at December 31, 2019. (Record debits first, then credits. Sel prorating any calculations based on the amount of time an investment was outstanding during the year, use full months. It is not necessary Jul. 1: Purchased 6,000 shares in Avery Outdoor Adventure Company for $8 per share. Outdoor Adventure does not have significant influe Date Accounts and Explanations Debit Credit Jul. 1 Jul. 7: Purchased 45% of the stock of Bethel Backpacks consisting of 63,000 shares of stock (out of a total of 140,000 shares) for $10 per Date Accounts and Explanations Debit Credit Jul. 7 Jul. 10: Purchased a bond from Courage Canoes with a face value of $100,000. Outdoor Adventure intends to hold the bond to maturity. T Debit Credit Date Accounts and Explanations Jul. 10 More Info July 1 Purchased 6,000 shares in Avery Outdoor Adventure Company for $8 per share. Outdoor Adventure does not have significant influence over Avery Purchased 45% of the stock of Bethel Backpacks consisting of 63,000 shares of stock (out of a total of 140,000 shares) for $10 per share. Outdoor Adventure does have significant influence over Bethel 7 10 Purchased a bond from Courage Canoes with a face value of $100,000. Outdoor Adventure intends to hold the bond to maturity The bond pays interest semiannually on June 30 and December 31 Sep. 30 Received dividends of $0.40 per share from Aveny Nov 1 Received dividends of $0.50 per share from Bethel. Dec. 31 Received an interest payment of $3,000 from Courage Canoes 31 31 Bethel Backpacks reported net income of $110,000 for the year Adjusted the Avery stock for a market value of $7.90 per share PrintDoneStep by Step Solution
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