Vaughn Corporation made the following cash purchases of securities during 2020, which is the first year...
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Homework Answers
1.
Prepare the journal entries to record the above three security purchases:
| Date | Accounts name and explanation | Debit | credit |
| Jan-15 | Available for sale securities (8800*33.5 + 1744) | 296544 | |
| Cash | 296544 | ||
| 01-Apr | Available for sale securities (4400*52 + 2964) | 231764 | |
| Cash | 231764 | ||
| 10-Sep | Available for sale securities (6160*26.5 + 4320) | 167560 | |
| Cash | 167560 |
2.
| Date | Accounts name and explanation | Debit | credit |
| 20-May | Cash (3520*35 -3388) | 119812 | |
| Available for sale securities (296544*3520/8800) | 118617.6 | ||
| Gain on sale of investment | 1194.4 |
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Vaughn Corporation made the following cash purchases of
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1.
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2.
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3.
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preferred shares at $23.90 per share plus commission of
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1.
On January 15, purchased 9,540 shares of Nirmala Corp.’s common
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2.
On April 1, purchased 5,300 shares of Oxana Corp.’s common
shares at $55 per share plus commission of $3,572.
3.
On September 10, purchased 7,420 shares of WTA Corp.’s
preferred shares at $28.40 per share plus commission of
$3,085....
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Ayayai Corporation made the following purchases of investments
during 2020, the first year in which Ayayai invested in equity
securities:
1.
On January 15, purchased 8,100 shares of Nirmala Corp.’s common
shares at $30.10 per share plus commission of $1,782.
2.
On April 1, purchased 4,500 shares of Oxana Corp.’s common
shares at $47 per share plus commission of $3,033.
3.
On September 10, purchased 6,300 shares of WTA Corp.’s
preferred shares at $23.90 per share plus commission of
$2,619....
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investments during 2020, the first year in which Bridgeport
invested in equity securities:
1.
On January 15, purchased 9,540 shares of Nirmala Corp.’s common
shares at $35.50 per share plus commission of $2,100.
2.
On April 1, purchased 5,300 shares of Oxana Corp.’s common
shares at $55 per share plus commission of $3,572.
3.
On September 10, purchased 7,420 shares of WTA Corp.’s
preferred shares at $28.40 per share plus commission of
$3,085....
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