CHAPTER 10 HOMEWORK Problem 4: P10-20A nd: Wateriall Source Co. uses excess cash
ID: 2522849 • Letter: C
Question
CHAPTER 10 HOMEWORK Problem 4: P10-20A nd: Wateriall Source Co. uses excess cash to invest in the equity securities of 1) Using the General Journal tab, click Add Transaction to transactions of Waterfall Source Co. during 2018 journalize each transaction. Click Post T the entry, then repeat these steps for each tr 2) Click the R transactions on the General Ledger 3) Click Submit Work when once you complete tab and review the results of recording these ansactions: Corporation 3/03/2018 Pur this a t, but has only purchased 7% of the outstanding stock of ull, so it does not a cash dividend of $.61 per share on the Lili investment. SAVE WORK RESET RESULTSSUBMIT WORK January 1, 2018 - December 31, 20118 RAL Y INFORMATION CHART OF AC Debit Accounts Date No transactions in JournalExplanation / Answer
Date Particulars Dr. Amount Cr. Amount 01/10/2018 Investment in Evan's Corporation A/c dr. 400000 To Cash/Bank A/c 400000 (Being Investment Made in common stock) 03/03/18 Investment in Lili software A/c Dr. 44000 To Cash/Bank A/c 44000 (Being Investment made in common stock) 5/15/18 Cash A/c Dr. 70000 To Dividend Income A/c 70000 (being dividend recieved from Evan's corporation) 12/31/2018 Accrued Income A/c Dr. 300000 To Income on Evans Corporation Investment 300000 (Being Income earned but not recieved recorded) 12/31/2018 Investment in Lili Software A/c Dr. 4000 To income on readjustment 4000 (Being Income recorded)