Question

Prepare journal entries to record the following transactions involving the short-term securities investments of Smart Co., all of which occurred during year 2011.
a. On March 22, purchased 700 shares of FIX Company stock at $30 per share plus a $150 brokerage fee. These shares are categorized as trading securities.
b. On September 1, received a $1.00 per share cash dividend on the FIX Company stock purchased in transaction a.
c. On October 8, sold 350 shares of FIX Co. stock for $40 per share, less a $140 brokerage fee.




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  • CreatedDecember 27, 2012
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