Journalize the foregoing transactions

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Reference no: EM13177795

During the fourth quarter of 2006, Cablevision, Inc., generated excess cash, which the company invested in securities, as follows:

On Nov. 12 purchased 1,000 shares of common stock as a trading investment, paying $9 per share.
On Dec. 14 Received cash dividend of $0.32 per share on the trading investment.
On Dec. 31 Adjusted the trading investment to its market value of $7.50 per share.

Required is the list below. ( Must Show Work )

1. Prepare T-accounts for: Cash,balance of $20,000; Short-Term Investment; Dividend Revenue; Unrealized Gain on Investment ( or Unrealized Loss on Investment )

2. Journalize the foregoing transactions and post to the T-account.

3. Show how to report the short-term investment on the cablevision balance sheet at December 31.

4. Show how to report whatever should appear on cablevision's income statement.

5. Cablevision sold the trading investment for 8,000 on Jan. 10, 2007. Journalize sale.

Reference no: EM13177795

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