When a company receives a cash dividend from a trading security, the journal entry includes:
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- Matthew Company purchases a trading security for $12,000 cash. The journal entry to record this transaction will include a: A: debit to the Investment in Trading Securities account and a credit to Cash. B: debit to Cash and a credit to the Investment in Trading Securities account. C: debit to Long-term Investment and credit Cash. D: debit to Dividend Revenue and credit to Cash.
- An attorney performs services of $900 for a client and receives $100 cash with the remainder on account. The journal entry for this transaction would
- Michael Company purchased a trading investment that had a carrying amount of $35,000 when they decided to sell it. Michael Company purchased the investment for $31,000. If Michael Company sold this investment for $45,000, Michael will have a(n): A: Gain on Sale of Trading Security for $14,000. B: Gain on Sale of Trading Security for $10,000. C: Unrealized Loss on Trading Security of $4,000. D: Unrealized Gain on Trading Security of $14,000.
- DTK Company has a $3500 accounts receivable from GRS Company. On January 20, GRS Company makes a partial payment of $2100 to DTK Company. The journal entry made on January 20 by DTK Company to record this transaction includes:
- At the end of the day, the cash register system shows $3,000 of cash sales, but the count of cash in the register is $2,950. The appropriate journal entry to account for this difference includes: A: Credit to Cash for $50. B: Debit to Cash for $50. C: Credit to Cash Over and Short for $50. D: Debit to Cash Over and Short for $50.