Requirement 2. Journalize the 2018 transactions. Explanations are not required. (Record debits first, then credits. Exclude...

 

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Requirement 2. Journalize the 2018 transactions. Explanations are not required. (Record debits first, then credits. Exclude explanations from journal entries. If no entry is required, select "No entry required" on the first line of the Accounts column and leave the remaining cells blank.) Purchased 3,400 shares of Lexi, Inc. common stock at $ 12.00 per share. Delivery Dream plans to sell the stock within three months, when the company will need the cash for normal operations. Delivery Dream does not have significant influence over Lexi. Date Accounts Debit Credit Jul. 2 Received a cash dividend of $ 0.50 per share on the Lexi stock investment. Date Accounts Aug. 21 Sep. 16 Sold the Lexi stock for $13.60 per share. Date Oct. 1 Equity Investments Cash Dec. 31 Cash Dividend Revenue Dec. 31 Cash Equity Investments Gain on Disposal Purchased a Ronco bond for $ 28,000 at face value. Delivery Dream classifies the investment as trading and short-term. Date Accounts Debit Credit Received a $ 240 interest payment from Ronco, Date Oct. 1 Bal. Dec. 31 Bal. Accounts Trading Debt Investments Cash Adjusted the Ronco bond to its market value of $ 30,000. Date Accounts Cash Interest Revenue Accounts and Explanation Fair Value Adjustment-Trading Unrealized Holding Gain-Trading Fair Value Adjustment-Trading Debit Long-Term Assets: Credit Requirement 3. Prepare T-accounts for the investment assets and show how to report the investments on Delivery Dream balance sheet at December 31,2018. Begin by preparing T-accounts for the investment assets that are remaining at December 31, 2018. (Select the investment account first, then the fair value adjustment account. If no fair value account is needed, leave that T- account heading and the remaining cells blank.) Trading Debt Investments Current Assets: Trading Debt Investments (at fair value) Debit Credit Debit Credit Debit Credit Use the partial balance sheet below to show how to report the investments on Delivery Dream balance sheet at December 31, 2018. (If a box is not used in the balance sheet, leave the box empty; do not select a label or enter a zero.) Delivery Dream Corporation Balance Sheet (Partial) December 31, 2018 Requirement 2. Journalize the 2018 transactions. Explanations are not required. (Record debits first, then credits. Exclude explanations from journal entries. If no entry is required, select "No entry required" on the first line of the Accounts column and leave the remaining cells blank.) Purchased 3,400 shares of Lexi, Inc. common stock at $ 12.00 per share. Delivery Dream plans to sell the stock within three months, when the company will need the cash for normal operations. Delivery Dream does not have significant influence over Lexi. Date Accounts Debit Credit Jul. 2 Received a cash dividend of $ 0.50 per share on the Lexi stock investment. Date Accounts Aug. 21 Sep. 16 Sold the Lexi stock for $13.60 per share. Date Oct. 1 Equity Investments Cash Dec. 31 Cash Dividend Revenue Dec. 31 Cash Equity Investments Gain on Disposal Purchased a Ronco bond for $ 28,000 at face value. Delivery Dream classifies the investment as trading and short-term. Date Accounts Debit Credit Received a $ 240 interest payment from Ronco, Date Oct. 1 Bal. Dec. 31 Bal. Accounts Trading Debt Investments Cash Adjusted the Ronco bond to its market value of $ 30,000. Date Accounts Cash Interest Revenue Accounts and Explanation Fair Value Adjustment-Trading Unrealized Holding Gain-Trading Fair Value Adjustment-Trading Debit Long-Term Assets: Credit Requirement 3. Prepare T-accounts for the investment assets and show how to report the investments on Delivery Dream balance sheet at December 31,2018. Begin by preparing T-accounts for the investment assets that are remaining at December 31, 2018. (Select the investment account first, then the fair value adjustment account. If no fair value account is needed, leave that T- account heading and the remaining cells blank.) Trading Debt Investments Current Assets: Trading Debt Investments (at fair value) Debit Credit Debit Credit Debit Credit Use the partial balance sheet below to show how to report the investments on Delivery Dream balance sheet at December 31, 2018. (If a box is not used in the balance sheet, leave the box empty; do not select a label or enter a zero.) Delivery Dream Corporation Balance Sheet (Partial) December 31, 2018

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