journal entriesHomework Answers
| Date | General Journal | Debit | Credit |
| May 1 | Short-term Investments | 8,785 | |
| Cash($8,600+$185) | 8,785 | ||
| July 9 | Cash(800*$0.80) | 640 | |
| Dividends Revenue | 640 | ||
| Sept. 29 | Cash($4,520-$100) | 4,420 | |
| Short -term Investments($8,785/2) | 4,392.5 | ||
| Gain on sale of short -term Investments($4,420-$4,392.5) | 27.5 |
We can also round off the values of Short -term Investments as $4,393 and that of Gain on sale of short -term Investments as $27.
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journal entries
QUESTION 1 May 1 Brooks Company purchased 000 shares of Western Inc.'s stock for...
Prepare Hertog Company's journal entries to reflect the following transactions for the current year. May 7...
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...
Problem. During 2018, Largent Enterprises purchased stock as follows: May 17. Purchased 1,000 shares of Nugent...
Problem. During 2018, Largent Enterprises purchased stock as follows: May 17. Purchased 1,000 shares of Nugent common stock for 580 per share. July 12, Purchased 400 shares of Alfredo common stock at $60 per hare, plus a 5600 brokerage commission Largent accounts for these investments as securities available for sale. At December 31, 2018, the market values of the securities were as follows: Security Market Value per Share Nugent Alfredo Required: (1.) Prepare the journal entries to record the acquisition...
2017 Jan. 20 Purchased 1,000 shares of Ford Motor Co. at $27 per share plus a $130 с㎝ussion. Feb...
2017 Jan. 20 Purchased 1,000 shares of Ford Motor Co. at $27 per share plus a $130 с㎝ussion. Feb. 9 Purchased 2,900 shares of Lucent at $31 per share plus a $195 commission 0ct. 12 Purchased 740 shares of Z-Seven at $7.60 per share plus a 100 commission. Dec. 31 Fair value of the short-term investnents in trading securities is $126, 300. 2018 Apr. 15 Sold 1, 000 shares of Ford Motor Co. at $31 per share less a $290...
Here is the problem: On June 22, 2019, Porus Company acquired 2,000 shares of Saul Company...
Here is the problem: On June 22, 2019, Porus Company acquired 2,000 shares of Saul Company $20 par value capital stock at $70 per share plus a broker's commission of $263. On August 3, 2019, Porus Company received a cash dividend of $4.44 per share from Saul Company. On November 4, 2019, Porus sold 100 of these shares at $76 per share, less a broker's commission of $273. On December 1, 2019, Saul Company issued shares comprising a 5% stock...
41. Fair Value Journal Entries, Trading Investments Gruden Bancorp Inc. purchased a portfolio of trading securities...
41.
Fair Value Journal Entries, Trading Investments Gruden Bancorp Inc. purchased a portfolio of trading securities during Year 1. The cost and fair value of this portfolio on December 31, Year 1, was as follows: Name Number of Shares Total Cost Total Fair Value Griffin Inc. 1,400 $18,760 $17,630 Luck Company 21,320 19,830 650 350 Wilson Company 10,150 10,350 Total $50,230 $47,810 On May 10, Year 2, Gruden Bancorp Inc. purchased 500 shares of Carroll Inc., at $29 per share...
Entries for Stock Investments, Dividends, and Sale of Stock Seamus Industries Inc. buys and sells investments...
Entries for Stock Investments, Dividends, and Sale of Stock Seamus Industries Inc. buys and sells investments as part of its ongoing cash management. The following investment transactions were completed during the year: Feb. 24 Acquired 900 shares of Tett Co. stock for $131 per share plus a $261 brokerage commission. May 16 Acquired 1,600 shares of Issacson Co. stock for $33 per share plus a $144 commission. July 14 Sold 400 shares of Tett Co. stock for $145 per share...
On July 1, 2018 Tam Company purchased 3,000 shares of Del Company capital stock as a...
On July 1, 2018 Tam Company purchased 3,000 shares of Del Company capital stock as a temporary Investment (trading Securities at $66.50 per share plus a commission of $30. On July 15, a 5 per cent stock dividend was received. Tam received a cash dividend of $0.50 per share on August 12, 2018. On November 1, Tam sold all of the shares for $72.20 per share, less a commission of $30. Prepare entries to record all of these transactions in...
On July 1, 2018 Tam Company purchased 3,000 shares of Del Company capital stock as a...
On July 1, 2018 Tam Company purchased 3,000 shares of Del Company capital stock as a temporary Investment (trading Securities at $66.50 per share plus a commission of $30. On July 15, a 5 per cent stock dividend was received. Tam received a cash dividend of $0.50 per share on August 12, 2018. On November 1, Tam sold all of the shares for $72.20 per share, less a commission of $30. Prepare entries to record all of these transactions in...
Prepare journal entries to record the following transactions related to long-term bonds of Brooks Inc. (Show...
Prepare journal entries to record the following transactions related to long-term bonds of Brooks Inc. (Show Calculations!) a) On April 1, 2020, Brooks issued $2,000,000, 9% bonds when the market rate was 9%. Interest is payable semi-annually on October 1 and April 1, and the bonds mature on April 1, 2030. b) On October 1, 2020, Brooks Inc. paid the interest due. c) On December 31, 2020, Brooks Inc. accrued interest. d) On April 1, 2021, Brooks Inc. paid the...
8 Fair Value Journal Entries, Trading Investments Gruden Bancorp Inc. purchased a portfolio of trading securities...
8 Fair Value Journal Entries, Trading Investments Gruden Bancorp Inc. purchased a portfolio of trading securities during Year 1. The cost and fair value of this portfolio on December 31, Year 1, was as follows: Name Number of Shares Total Cost Total Fair Value Griffin Inc. 1,300 $17,420 $16,370 Luck Company 900 29,520 27,450 Wilson Company 250 7,500 7,650 Total $54,440 $51,470 On May 10, Year 2, Gruden Bancorp Inc. purchased 550 shares of Carroll Inc., at $30 per share...
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...
Problem. During 2018, Largent Enterprises purchased stock as follows: May 17. Purchased 1,000 shares of Nugent common stock for 580 per share. July 12, Purchased 400 shares of Alfredo common stock at $60 per hare, plus a 5600 brokerage commission Largent accounts for these investments as securities available for sale. At December 31, 2018, the market values of the securities were as follows: Security Market Value per Share Nugent Alfredo Required: (1.) Prepare the journal entries to record the acquisition...
2017 Jan. 20 Purchased 1,000 shares of Ford Motor Co. at $27 per share plus a $130 с㎝ussion. Feb. 9 Purchased 2,900 shares of Lucent at $31 per share plus a $195 commission 0ct. 12 Purchased 740 shares of Z-Seven at $7.60 per share plus a 100 commission. Dec. 31 Fair value of the short-term investnents in trading securities is $126, 300. 2018 Apr. 15 Sold 1, 000 shares of Ford Motor Co. at $31 per share less a $290...
Here is the problem: On June 22, 2019, Porus Company acquired 2,000 shares of Saul Company $20 par value capital stock at $70 per share plus a broker's commission of $263. On August 3, 2019, Porus Company received a cash dividend of $4.44 per share from Saul Company. On November 4, 2019, Porus sold 100 of these shares at $76 per share, less a broker's commission of $273. On December 1, 2019, Saul Company issued shares comprising a 5% stock...
41.
Fair Value Journal Entries, Trading Investments Gruden Bancorp Inc. purchased a portfolio of trading securities during Year 1. The cost and fair value of this portfolio on December 31, Year 1, was as follows: Name Number of Shares Total Cost Total Fair Value Griffin Inc. 1,400 $18,760 $17,630 Luck Company 21,320 19,830 650 350 Wilson Company 10,150 10,350 Total $50,230 $47,810 On May 10, Year 2, Gruden Bancorp Inc. purchased 500 shares of Carroll Inc., at $29 per share...
Entries for Stock Investments, Dividends, and Sale of Stock Seamus Industries Inc. buys and sells investments as part of its ongoing cash management. The following investment transactions were completed during the year: Feb. 24 Acquired 900 shares of Tett Co. stock for $131 per share plus a $261 brokerage commission. May 16 Acquired 1,600 shares of Issacson Co. stock for $33 per share plus a $144 commission. July 14 Sold 400 shares of Tett Co. stock for $145 per share...
On July 1, 2018 Tam Company purchased 3,000 shares of Del Company capital stock as a temporary Investment (trading Securities at $66.50 per share plus a commission of $30. On July 15, a 5 per cent stock dividend was received. Tam received a cash dividend of $0.50 per share on August 12, 2018. On November 1, Tam sold all of the shares for $72.20 per share, less a commission of $30. Prepare entries to record all of these transactions in...
On July 1, 2018 Tam Company purchased 3,000 shares of Del Company capital stock as a temporary Investment (trading Securities at $66.50 per share plus a commission of $30. On July 15, a 5 per cent stock dividend was received. Tam received a cash dividend of $0.50 per share on August 12, 2018. On November 1, Tam sold all of the shares for $72.20 per share, less a commission of $30. Prepare entries to record all of these transactions in...
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