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| Teaching Since: | May 2017 |
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MCS,PHD
Argosy University/ Phoniex University/
Nov-2005 - Oct-2011
Professor
Phoniex University
Oct-2001 - Nov-2016
(*) on february 15, Seacroft buys 7000 shares of Kebo common stock at 28.53 dollar per share plus a brokerage fee of $400. The stock is classified as available-for-sale securities. On march 15, Kebo declares a dividend of $1.15 per share payable to stockholders of record on April 15. Seacroft received the dividend on april 15 and ultimately sells half of the Kebo stock on November 17 of the current year of $29.30 per share less a brokerage fee of $250. The journal entry record the sale of the stock on Nov 17 is:
a) debit cash $102550, Credit long term investment afs $100055, Credit gain on sale of long term investment $2495
b) Debit cash $102300, Credit Long term investment trading $99855,Credit gain on sale of long term investment $2645
c) Debit cash $102550, Credit long term investments trading $99855, credit gain on sale of long term investment $2645
d) Debit cash $102300, credit loong term investment ads $100055, credit gain on sale of long term investments $2245
e) Debit cash $102300, Credit long term investments afs $99855, gain on sale of long term investments $2445
(*) Seamark buys $360000 of Eider's 10% six year bonds payable at par value on Sept 1. Interest payments are made semiannually on March 1 and sept 1. The journal entry to accrue interest earned at year end Dec 31 is?? (dont round your intermediate calculation)
a) Debit interest receivable $12000, Credit interest revenue $12000
b) Debit cash 12000, credit interest revenue 12000
c) debit interest revenue 12000, credit interest receivable 12000
d) debit interest receivable 18000, credit interest revenue 18000
e) debit cash 18000 credit interest revenue 18000
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