Prepare t-accounts for cashbalance of 20000 short-term

Reference no: EM13585267

During the fourth quarter of 20X6, 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 tradinginvestment, paying $9 per share.
On Dec. 14 Received cash dividend of $0.32 per share on the tradinginvestment.
On Dec. 31 Adjusted the trading investment to its market value of $7.50 per share.

Required is the list below.
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: EM13585267

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