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.
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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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.
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