Solution-Prepare a t-accounts for cash

Prepare a t-accounts for cash

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Reference no: EM13846045

Norton Corporation reports short-term investments on its balance sheet. Suppose a division of Norton completed the following short-term investment transactions during 2012 and 2013:

Prepare a T-Accounts for cash; short term investments; dividend revenue; unrealized gain (loss) on investment, and gain on sale of investment. Show the effects of Norton's investment transactions. Start with a cash balance of $98,000; all other accounts start at zero.

Additional Info:
2012

DEC 12 - Purchased 900 of Armor, Inc stocks for $38,700. Norton plans to sell the stock at a profit in the near future.

DEC 21 - Received a cash dividend of $.72 per share on the Armor Inc stock

DEC 31 - Adjusted the investment in Armor Inc stock. Current market value is $50,400. Norton still plans to sell the stock in early 2013

2013 Jan 16 - Sold the Armor Inc stock for $54,300.

Reference no: EM13846045

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Prepare a t-accounts for cash

Reference no: EM13846045

Reference no: EM13846045

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