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 1,000 shares of Tett Co. stock for $85 per share plus a $150 brokerage commission. May 16 Acquired 2,500 shares of Issacson Co. stock for $36 per share plus a $100 commission. July 14 Sold 400 shares of Tett Co. stock for $100 per share less a $75 brokerage commission. Aug. 12 Sold 750 shares of Issacson Co. stock for $32.50 per share less an $80 brokerage commission. Oct. 31 Received dividends of $0.40 per share on Tett Co. stock. Journalize the entries for these transactions. In your computations, round per share amounts two decimal places. When required, round final answers to the nearest dollar. For a compound transaction, if an amount box does not require an entry, leave it blank.
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 1,000 shares of Tett Co. stock for $85 per share plus a $150 brokerage commission. May 16 Acquired 2,500 shares of Issacson Co. stock for $36 per share plus a $100 commission. July 14 Sold 400 shares of Tett Co. stock for $100 per share less a $75 brokerage commission. Aug. 12 Sold 750 shares of Issacson Co. stock for $32.50 per share less an $80 brokerage commission. Oct. 31 Received dividends of $0.40 per share on Tett Co. stock. Journalize the entries for these transactions. In your computations, round per share amounts two decimal places. When required, round final answers to the nearest dollar. For a compound transaction, if an amount box does not require an entry, leave it blank.
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter13: Corporations: Organization, Stock Transactions, And Dividends
Section: Chapter Questions
Problem 3PA: Selected stock transactions The following selected accounts appear in the ledger of Parks...
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