Question

Prepare Hertog Company's journal entries to reflect the following transactions for the current year. May 7 Purchases 220 shares of Kraft stock as a short-term investment in trading securities at a cost of $52 per share plus $320 in broker fees. June 6 Sells 220 shares of its investment in Kraft stock at $58 per share. The broker's commission on this sale is $160. View transaction list Journal entry worksheet Record the purchase of 220 shares of Kraft stock as a short-term investment in trading securities at a cost of $52 per share plus $320 in broker fees. Note: Enter debits before credits General Journal Date May 07 Debit Credit Record entry Clear entry View general journal

Answer 1

my's Journal entries to reflect ( Answer → prepare Hertog company's Journal entries to the following transactions for the current year! Journal Entries Date Debit credit General Journal May 07 Shares Ckraft stock) aic $11440 Brokerage aic $ 11760 Cash alc $ 320 (To record burchase of 220 Shares of knatt Stock at $ 52 bershave plus $320 for broker fees) $12760 June of $11440 $ 130 cash alc Shares Ckraft Stock) aic profit & Loss alc (To record sell of 220 shares of kraftstock at $58) $160 $160 Brokerage alc cashall (To record Brokerage commission paid on sell of 220 shares of kraft Stock)