Prepare general journal entries (no explanations required) to record the following transactions for The Chocolate Factory...
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Prepare general journal entries (no explanations required) to record the following transactions for The Chocolate Factory in its first year of operations. Management intends to actively trade this investments. May 4 Purchased 600 shares of Utah Power Company at $113 per share and paid an $820 brokerage fee. July 1 Received a $2.50 per share cash dividend on the Utah Power Company common shares purchased on May 4 Sept 15 Sold 300 shares of Utah Power Company for $120 per share and incurred a $450 brokerage fee. Dec 31 The fair value of the Utah Power Company shares equaled $35,100. Prepare general journal entries (no explanations required) to record the following transactions for The Chocolate Factory in its first year of operations. Management intends to actively trade this investments. May 4 Purchased 600 shares of Utah Power Company at $113 per share and paid an $820 brokerage fee. July 1 Received a $2.50 per share cash dividend on the Utah Power Company common shares purchased on May 4 Sept 15 Sold 300 shares of Utah Power Company for $120 per share and incurred a $450 brokerage fee. Dec 31 The fair value of the Utah Power Company shares equaled $35,100.
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Date May 4 July 1 Sept 15 Dec 31 General Journal Investment in Equit... View the full answer
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