Seamus Industries Inc. buys and sells investments as part of its ongoing cash management. The following investment
Question:
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.
Step by Step Answer:
Financial And Managerial Accounting
ISBN: 9781337119207
14th Edition
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac