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An unrealized gain or loss on trading securities is reported as a separate component of
stockholders' equity.
Answer:
Financial information is presented below for two different companies.
Instructions
Determine the missing amounts.
Answer:
On January 1, 2014, Brenner Company purchased at face value, a $1,000, 10% bond
that pays interest on January 1 and July 1. Brenner Company has a calendar year end.
The entry for the receipt of interest on January 1, 2015 is
Answer:
On September 1, Joe's Painting Service borrows $150,000 from National Bank on a
4-month, $150,000, 6% note. The entry by Joe's Painting Service to record payment of
the note and accrued interest on January 1 is
Answer:
Prepare the necessary general journal entries for the month of October for Rolen
Company for each situation given below. Rolen uses a perpetual inventory system.
Answer:
On October 1, Head and Heart Company's petty cash fund of $150 is replenished. The
fund contains cash of $30, and receipts for supplies of $75 and postage of $45. Prepare
the journal entry to record the replenishment of the petty cash fund.
Answer:
Both correcting entries and adjusting entries always affect at least one balance sheet
account and one income statement account.
Answer:
