Problem 3: P10-19A Assignment Background: Jetway Corporation generated excess ca

Question

Problem 3: P10-19A Assignment Background: Jetway Corporation generated excess cash and used it to invest in various 1) Using the General Journal tab, click Add Transaction to iournalize securities. Transactions related to these investments are included in the Transactions section below. The equity investments listed all represent less than 20% of the outstanding voting stock of the investee. each transaction. Click Post Transaction once you complete the entry, then repeat these steps for each transaction 2) Click the Reports tab and review the results of recording these transactions on the General Ledger. 3) Click Submit Work when complete.

Explanation / Answer

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Date Account Description Debit Credit 2-Jul-18 Investment in Shares    50,400.00 To Bank    50,400.00 (Being 4200 shares @ 12 per share invested in Pogo) 21-Aug-18 Bank      3,360.00 To Dividend Received      3,360.00 (Being Dividend @ .80 per share received from Pogo- 4200*12) 16-Sep-18 Bank    56,280.00 Investment in Shares    50,400.00 Gain on Shares Sale      5,880.00 (Being 4200 shares sold @ 13.40 per share ) 1-Oct-18 Investment in Bond    20,000.00 To Bank    20,000.00 (Being Violet Bond purchased for Short Term ) 31-Dec-18 Bank          100.00 To Interest Income          100.00 (Being Interest received from Violet Bond) 31-Dec-18 Investment in Bond      2,000.00 To Profit & Loss      2,000.00 (Being bond reinstated to Fair Value through PL)

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