Sold 6,000 shares of PKL Corporation common stock held as a short-term investmen

Question

Sold 6,000 shares of PKL Corporation common stock held as a short-term investment. The stock was purchased for $24,000.00 and is being sold for $4.75 per share, less a sales commission of $480.00. Invoice Number: INVST. (Using the accounts below) A check for $20,000.00 was received from Arcade Construction (10400) as an advance payment on a custom fencing job (JOB 33) for Arcade's newest housing development. Advance payments are credited directly to Accounts Receivable (105). The advance payments for any job that is not completed by the end of the accounting period are transferred to the Unearned Revenue account. Invoice Number: ADVAN. A check was issued for $5,000 to Gooden Welding Supply for full payment of invoice G3288 that is due today (Is it debit A/P and credit Cash) Using the accounts below Accounts Payable Salaries and Wages Payable Interest Payable Notes Payable Estimated Property Taxes Payable Unearned Revenue Dividends Payable Income Taxes Payable Mortgage Note Payable REVENUE Custom Fence and Gate Sale (Gain on Sale of Assets) Gain on Short-Term Investments EXPENSES Income Tax Expense Interest Expense Discounts Lost Bad Debt Expense Loss on Sale/Disposal of Assets Loss on Short-Term Investments Office Salaries and Wages Expense Office Supplies Expense Advertising Expense Credit Card Expense (Depreciation Expense, Office Equipment) Utilities Expense (Bank Service Charges) Miscellaneous Expense Cash Interest Receivable Office Supplies Shipping Facility Short-Term Investments Raw and In-Process Inventory Office Equipment Accum. Depre., Shipping Facility Accounts Receivable Prepaid Insurance Shop Equipment Manufacturing Overhead Notes Receivable Prepaid Advertising

Explanation / Answer

Date Debit Account Amount $ Credit Account Amount $ 11-Jun Cash A/c 25020 Short Term Investment 24000 Sales Commission 480 Gaint on Sales of S-Term Investment 4500 Date Debit Account Amount $ Credit Account Amount $ 12-Jun Cash A/c $20,000.00 Unearned Revenue A/c $20,000.00 13-Jun (A/P)Gooden Welding Supply $5,000.00 Cash A/c $5,000.00

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