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ACC 300 Week 5 Team Assignment Problem Set

In this file ACC 300 Week 5 Team Assignment Problem Set PE-2, E7-5, E7-6, E7-9 there is overview of the following parts:

1. PE-2, page 862

In January 2012, the administration of Sarah Company determined that it has enough

money to buy transient investments in debt and stock securities. In the course of the year,

these are the transactions that happened.

The fair values of the NJK and SEK common stocks were at $39 and $30 in every

corresponding share at December 31.


(a) Journalize the transactions and post to the accounts Debt Investments and Stock

Investments. (Use the T account form.)

(b) Prepare the adjusting entry at December 31, 2012, to report the investments at fair

value. All securities are considered to be trading securities.

(c) Show the balance sheet presentation of investment securities at December 31, 2012.

(d) Identify the income statement accounts and give the statement classification of each


2. E7-5

In the Reyes Company, checks are currently not prenumbered for the purchasing client and the treasurer are both permitted to provide checks. Every benefactor has authorization to withheld checks stored in an open vault or cabinet. The purchasing agents pays all the charges involving the merchandise bought for resale. Before the payment, the purchasing agent confirms that the merchandise have been acquired and validates the precise calculation of the vendors

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