During the fourth quarter of 2014, Beachwear Sales, Inc., generated excess cash, which the company invested in
Question:
During the fourth quarter of 2014, Beachwear Sales, Inc., generated excess cash, which the company invested in trading securities:
2014
Nov 17 Purchased 2,100 common shares as an investment in trading securities, paying $11 per share.
Dec 19 Received cash dividend of $0.47 per share on the trading securities.
Dec 31 Adjusted the trading securities to fair value of $9 per share.
Requirements
1. Open T-accounts for Cash (including its beginning balance of $29,000), Investment in Trading Securities, Dividend Revenue, and Unrealized Gain (Loss) on Trading Securities.
2. Journalize the foregoing transactions and post to the T-accounts.
A dividend is a distribution of a portion of company’s earnings, decided and managed by the company’s board of directors, and paid to the shareholders. Dividends are given on the shares. It is a token reward paid to the shareholders for their...
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Reqs 1 and 2 2100 11 23100 2100 47 987 23100 18900 4200 unrealized loss Req 2 Journal DATE ACCOUNT T...View the full answer
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Related Book For 
Financial Accounting
ISBN: 978-0133427530
10th edition
Authors: Walter Harrison, Charles Horngren, William Thomas
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