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.

College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter20: Corporations: Organization And Capital Stock
Section: Chapter Questions
Problem 1CP: Prepare general journal entries for the following transactions, identifying each transaction by...
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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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