Journal Entry : It is the original books of entries where company records the business transaction. Every business transaction have 2 effects first is debit and second is credit. Both debit and credit are of equal amount. Requirement-1: To Give: Necessary Journal entry.

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Answer 1

Question

Chapter C, Problem 6PSB

Summary Introduction

Concept Introduction:

Journal Entry: It is the original books of entries where company records the business transaction. Every business transaction have 2 effects first is debit and second is credit. Both debit and credit are of equal amount.

Requirement-1:

To Give:

Necessary Journal entry.

Summary Introduction

Concept Introduction:

Journal Entry: It is the original books of entries where company records the business transaction. Every business transaction have 2 effects first is debit and second is credit. Both debit and credit are of equal amount.

Requirement-2:

To Give:

Amount shown on investment in balance sheet.

Summary Introduction

Concept Introduction:

Journal Entry: It is the original books of entries where company records the business transaction. Every business transaction have 2 effects first is debit and second is credit. Both debit and credit are of equal amount.

Requirement-3:

To Give:

Gains and profit on transaction of long term investment.

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Stoll Company's long-term available-for-sale portfolio at the start of this year consists of the following. Available-for-Sale Securities Cost Fair Value Company A bonds $ 534,100 $ 492,000 Company B notes 159,140 155,000 Company C bonds 662,400 642,140 Stoll enters into the following transactions involving its available-for-sale debt securities this year. January 29 Sold one-half of the Company B notes for $78,820. July 6 Purchased Company X bonds for $122,100. November 13 Purchased Company Z notes for $267,300. December 9 Sold all of the Company A bonds for $524,800. Fair values at December 31 are B, $82,300; C, $603,800; X, $120,000; and Z, $276,000. Problem 15-3A (Algo) Part 1 and 2 Required:1. Prepare journal entries to record these transactions, including the December 31 adjusting entry to record the fair value adjustment for the long-term investments in available-for-sale securities.2. Determine the amount Stoll reports on its December 31…

Stoll Company's long-term available-for-sale portfolio at the start of this year consists of the following. Available-for-Sale Securities Cost Fair Value Company A bonds $ 534,100 $ 492,000 Company B notes 159,140 155,000 Company C bonds 662,400 642,140 Stoll enters into the following transactions involving its available-for-sale debt securities this year. January 29 Sold one-half of the Company B notes for $78,820. July 6 Purchased Company X bonds for $122,100. November 13 Purchased Company Z notes for $267,300. December 9 Sold all of the Company A bonds for $524,800. Fair values at December 31 are B, $82,300; C, $603,800; X, $120,000; and Z, $276,000. Problem 15-3A (Algo) Part 3 3. What amount of gains or losses on transactions relating to long-term investments in available-for-sale debt securities does Stoll report on its income statement for this year?

Prepare Krum Co.’s journal entries to record the following transactions involving its short-term investments in available-for-sale debt securities, all of which occurred during the current year. a. On August 1, paid $50,000 cash to purchase Houtte’s 9%, six-month debt securities ($50,000 principal), dated August 1. b. On October 30, received a check from Houtte for 90 days’ interest on the debt securities in part a.

Answer 2

Question

Chapter C, Problem 6PSB

Summary Introduction

Concept Introduction:

Journal Entry: It is the original books of entries where company records the business transaction. Every business transaction have 2 effects first is debit and second is credit. Both debit and credit are of equal amount.

Requirement-1:

To Give:

Necessary Journal entry.

Summary Introduction

Concept Introduction:

Journal Entry: It is the original books of entries where company records the business transaction. Every business transaction have 2 effects first is debit and second is credit. Both debit and credit are of equal amount.

Requirement-2:

To Give:

Amount shown on investment in balance sheet.

Summary Introduction

Concept Introduction:

Journal Entry: It is the original books of entries where company records the business transaction. Every business transaction have 2 effects first is debit and second is credit. Both debit and credit are of equal amount.

Requirement-3:

To Give:

Gains and profit on transaction of long term investment.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 3

Question

Chapter C, Problem 6PSB

Summary Introduction

Concept Introduction:

Journal Entry: It is the original books of entries where company records the business transaction. Every business transaction have 2 effects first is debit and second is credit. Both debit and credit are of equal amount.

Requirement-1:

To Give:

Necessary Journal entry.

Summary Introduction

Concept Introduction:

Journal Entry: It is the original books of entries where company records the business transaction. Every business transaction have 2 effects first is debit and second is credit. Both debit and credit are of equal amount.

Requirement-2:

To Give:

Amount shown on investment in balance sheet.

Summary Introduction

Concept Introduction:

Journal Entry: It is the original books of entries where company records the business transaction. Every business transaction have 2 effects first is debit and second is credit. Both debit and credit are of equal amount.

Requirement-3:

To Give:

Gains and profit on transaction of long term investment.

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 4

Question

Chapter C, Problem 6PSB

Summary Introduction

Concept Introduction:

Journal Entry: It is the original books of entries where company records the business transaction. Every business transaction have 2 effects first is debit and second is credit. Both debit and credit are of equal amount.

Requirement-1:

To Give:

Necessary Journal entry.

Summary Introduction

Concept Introduction:

Journal Entry: It is the original books of entries where company records the business transaction. Every business transaction have 2 effects first is debit and second is credit. Both debit and credit are of equal amount.

Requirement-2:

To Give:

Amount shown on investment in balance sheet.

Summary Introduction

Concept Introduction:

Journal Entry: It is the original books of entries where company records the business transaction. Every business transaction have 2 effects first is debit and second is credit. Both debit and credit are of equal amount.

Requirement-3:

To Give:

Gains and profit on transaction of long term investment.

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 5

Chapter C, Problem 6PSB

Summary Introduction

Concept Introduction:

Journal Entry: It is the original books of entries where company records the business transaction. Every business transaction have 2 effects first is debit and second is credit. Both debit and credit are of equal amount.

Requirement-1:

To Give:

Necessary Journal entry.

Summary Introduction

Concept Introduction:

Journal Entry: It is the original books of entries where company records the business transaction. Every business transaction have 2 effects first is debit and second is credit. Both debit and credit are of equal amount.

Requirement-2:

To Give:

Amount shown on investment in balance sheet.

Summary Introduction

Concept Introduction:

Journal Entry: It is the original books of entries where company records the business transaction. Every business transaction have 2 effects first is debit and second is credit. Both debit and credit are of equal amount.

Requirement-3:

To Give:

Gains and profit on transaction of long term investment.

Answer 6

Chapter C, Problem 6PSB

Summary Introduction

Concept Introduction:

Journal Entry: It is the original books of entries where company records the business transaction. Every business transaction have 2 effects first is debit and second is credit. Both debit and credit are of equal amount.

Requirement-1:

To Give:

Necessary Journal entry.

Answer 7

Chapter C, Problem 6PSB

Summary Introduction

Concept Introduction:

Journal Entry: It is the original books of entries where company records the business transaction. Every business transaction have 2 effects first is debit and second is credit. Both debit and credit are of equal amount.

Requirement-1:

To Give:

Necessary Journal entry.

Answer 8

Summary Introduction

Concept Introduction:

Journal Entry: It is the original books of entries where company records the business transaction. Every business transaction have 2 effects first is debit and second is credit. Both debit and credit are of equal amount.

Requirement-2:

To Give:

Amount shown on investment in balance sheet.

Answer 9

Summary Introduction

Concept Introduction:

Journal Entry: It is the original books of entries where company records the business transaction. Every business transaction have 2 effects first is debit and second is credit. Both debit and credit are of equal amount.

Requirement-2:

To Give:

Amount shown on investment in balance sheet.

Answer 10

Summary Introduction

Concept Introduction:

Journal Entry: It is the original books of entries where company records the business transaction. Every business transaction have 2 effects first is debit and second is credit. Both debit and credit are of equal amount.

Requirement-3:

To Give:

Gains and profit on transaction of long term investment.

Answer 11

Summary Introduction

Concept Introduction:

Journal Entry: It is the original books of entries where company records the business transaction. Every business transaction have 2 effects first is debit and second is credit. Both debit and credit are of equal amount.

Requirement-3:

To Give:

Gains and profit on transaction of long term investment.

Answer 12

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Answer 13

Expert Solution & Answer

Answer 14

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Answer 15

Ch. C - Under what two conditions should investments be...Ch. C - Prob. 2DQ Ch. C - Prob. 3DQ Ch. C - Identify the three classes of debt investments and...Ch. C - Prob. 5DQ Ch. C - Prob. 6DQ Ch. C - Prob. 7DQ Ch. C - Prob. 8DQ Ch. C - Prob. 9DQ Ch. C - Prob. 10DQ

Journal Entry : It is the original books of entries where company records the business transaction. Every business transaction have 2 effects first is debit and second is credit. Both debit and credit are of equal amount. Requirement-1: To Give: Necessary Journal entry.

Solution Summary: The author explains that the journal entry is the original books of entries where company records the business transaction.

Videos

Concept Introduction:

Journal Entry: It is the original books of entries where company records the business transaction. Every business transaction have 2 effects first is debit and second is credit. Both debit and credit are of equal amount.

Requirement-1:

To Give:

Necessary Journal entry.

Want to see the full answer?

Chapter C Solutions

Journal Entry : It is the original books of entries where company records the business transaction. Every business transaction have 2 effects first is debit and second is credit. Both debit and credit are of equal amount. Requirement-1: To Give: Necessary Journal entry.

Solution Summary: The author explains that the journal entry is the original books of entries where company records the business transaction.

Videos

Concept Introduction: Journal Entry: It is the original books of entries where company records the business transaction. Every business transaction have 2 effects first is debit and second is credit. Both debit and credit are of equal amount. Requirement-1: To Give: Necessary Journal entry.

Want to see the full answer?

Chapter C Solutions

Concept Introduction:

Journal Entry: It is the original books of entries where company records the business transaction. Every business transaction have 2 effects first is debit and second is credit. Both debit and credit are of equal amount.

Requirement-1:

To Give:

Necessary Journal entry.