Journalize the following long term available for sale investment transactions of Jeakins Brothers Department Stores a Purchased 400 shares of Chang Foods common stock at $33 per share, with the intent of holding the stock for the indefinite future b Received cash dividend of $1 90 per share on the ...

Journal DATE ACCOUNT TITLES AND EXPLANATION DEBIT CREDIT a AvailableforSale Investmen ...

Journalize the following long-term available-for-sale investment transactions of Jeakins Brothers Department Stores: a. Purchased 400 shares of

Question:

Journalize the following long-term available-for-sale investment transactions of Jeakins Brothers Department Stores:
a. Purchased 400 shares of Chang Foods at $33 per share, with the intent of holding the stock for the indefinite future.
b. Received cash of $1.90 per share on the Chang investment.
c. At year-end, adjusted the investment account to fair value of $38 per share.
d. Sold the Chang stock for the price of $26 per share

Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on... Dividend
A dividend is a distribution of a portion of company’s earnings, decided and managed by the company’s board of directors, and paid to the shareholders. Dividends are given on the shares. It is a token reward paid to the shareholders for their...