Journal entries to record investment transactions A hospital purchased 100 shares of stock on June 30,...

Transcribed Image Text:

Journal entries to record investment transactions A hospital purchased 100 shares of stock on June 30, for $3,100, using its resources without donor restrictions. On December 31, the date of its financial statements, the stock's fair value was $3,200. On the following November 30, the hospital sold the stock for $2,800. a) Prepare the journal entries for all related transactions, assuming this was a governmental hospital. If no entry is necessary, select 'No debit (or credit) entry needed' in the account fields and enter 0 in the amount fields. nvestments Account Debit 3,100 0 Credit 0 3,100 Cash To record entry on June 30, nvestments 100 0 Net realized and unrealized gains and losses on investments To record entry on December 31. 0 100- Cashi Net realized and unrealized gains and losses on investments Investments 2,800 400 0 3,200 01 To record entry on November 30 for sale of stock. Net realized and unrealized gains and losses on investments Investments To record entry for valuation adjustment on November 30 400 0x 0 400 x Journal entries to record investment transactions A hospital purchased 100 shares of stock on June 30, for $3,100, using its resources without donor restrictions. On December 31, the date of its financial statements, the stock's fair value was $3,200. On the following November 30, the hospital sold the stock for $2,800. a) Prepare the journal entries for all related transactions, assuming this was a governmental hospital. If no entry is necessary, select 'No debit (or credit) entry needed' in the account fields and enter 0 in the amount fields. nvestments Account Debit 3,100 0 Credit 0 3,100 Cash To record entry on June 30, nvestments 100 0 Net realized and unrealized gains and losses on investments To record entry on December 31. 0 100- Cashi Net realized and unrealized gains and losses on investments Investments 2,800 400 0 3,200 01 To record entry on November 30 for sale of stock. Net realized and unrealized gains and losses on investments Investments To record entry for valuation adjustment on November 30 400 0x 0 400 x