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For the closing entry on 12/31/2011 I put Investment revenue as .9 and it's correct.

Closing Entry:
12/31/2011
Net Unrealized Holding Gains and Losses I/S Dr. 0.7
Gain on Sale of Investment Dr....

Closing Entry:
12/31/2011
Net Unrealized Holding Gains and Losses I/S Dr. 0.7
Gain on Sale of Investment Dr. 0.1
Investment Revenue Dr.? (This is what I'm confused on, what amount should go...

Here are my jounrnal entries:

2011
10/18 Investment in Milwork Ventures preferred shares Dr. 51
Cash Cr 51

10/31 Cash Dr. 1.2
Investment Revenue...

So far I was abel to do all of the journal entries except for closing the 12/31/2011 and 12/31/2012 closing entries.


12/31/2011
Net Unrealized Holding Gains and Losses I/S Dr. 0.7
Gain on Sale...

Amalgamated General Corporation is a consulting firm that also offers financial services through its credit division. From time to time the company buys and sells securities intending to earn profits...

Prepaid rent is for 2 years, so to count it as a current asset you have to divide it by 2. Do the same thing for Unearned Revenue and take out the Current maturity of long term liability 71,000.
...

OH! I see, you have to deduct allowances from accounts receivable! I got the right answer! Thank you so much for your help!

Are raw material, WIP, and finished goods considered an inventory account? There for a current asset? Is there anything else that I'm missing? Thank you!

Are the raw material accounts considered inventory?

So allowance for uncollectible accounts is a current asset also? Does that mean it'll get deducted when I add up all of the current assets? ...

When I subtract the current asset with current liabilities, I'm not getting the right answer. Can you tell me if my current asset and liabilites are correct?

Hi, that's what I'm having trouble with. I think I'm mixing up which are current assets and liabilities.

Current Assets:
Cash $21000
A/R $134,000
Notes Receivable $107,000 (since it's due...

Presented below is a partial trial balance for the Kansas Instruments Corporation at December 31, 2011.

Account Title Debits Credits
Cash 21,000
Accounts receivable 134,000 ...