Tag Archive | "Yale"

During 2011, Yale Company?


During 2011, Yale Company acquired some of the 48,100 outstanding shares of the common stock, par $13, of Carol Corporation as available-for-sale investments. The accounting period for both companies ends December 31.
Dec. 2 Purchased 6,300 shares of Carol common stock at $25 per share.
Dec. 15 Carol Corporation declared and paid a cash dividend of $2 per share.
Dec. 31 Determined the current market price of Carol stock to be $21 per share.
Prepare the journal entries for each of the above transactions that occurred during 2011 (Omit the “$” sign in your response):
Date General Journal Debit Credit
Dec. 2 (Click to select)Investments in SASInvestments in Trading securitiesNet unrealized losses/gainsDividend revenueInterest receivableCashAccounts receivableInvestments in affiliates
(Click to select)Accounts payableDividend revenueInvestments in Trading securitiesAccounts receivableCashInvestments in SASInvestments in affiliatesNet unrealized losses/gains
Dec. 15 (Click to select)Investments in affiliatesCashInvestments in SASInterest receivableAccounts receivableInvestments in Trading securitiesNet unrealized losses/gainsDividend revenue
(Click to select)Net unrealized losses/gainsInterest receivableInterest payableInvestments in SASInvestments in affiliatesInvestments in Trading securitiesDividend revenueCash
Dec. 31 (Click to select)Net unrealized losses/gainsCashAccounts receivableDividend revenueAccounts payableInvestments in Trading securitiesInvestments in SASInvestments in affiliates
(Click to select)CashInvestments in affiliatesDividend revenueInterest receivableInvestments in Trading securitiesAccounts receivableInvestments in SASNet unrealized losses/gains

Posted in Featured ArticlesComments (0)


Archives

Powered by Yahoo! Answers