Required: Prepare general journal entries for the following transactions involving short-term securities (assume no investments were held prior to the following transactions): (a) Feb 12: Purchased 600 Flipper Corp shares at $50 per share. Commission Fee was $50. (b) Feb 27: Purchased 200 Jason Corp shares at $30 per share, no commission (c) Mar 16: Received a $4 per share dividend on the Flipper Corp shares. (d) Mar 31: Sold 150 shares of Flipper Corp at $60 per share.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Required: Prepare general journal entries for the following transactions involving short-term securities
(assume no investments were held prior to the following transactions):
(a) Feb 12: Purchased 600 Flipper Corp shares at $50 per share. Commission Fee was $50.
(b) Feb 27: Purchased 200 Jason Corp shares at $30 per share, no commission
(c) Mar 16: Received a $4 per share dividend on the Flipper Corp shares.
(d) Mar 31: Sold 150 shares of Flipper Corp at $60 per share.
Transcribed Image Text:Required: Prepare general journal entries for the following transactions involving short-term securities (assume no investments were held prior to the following transactions): (a) Feb 12: Purchased 600 Flipper Corp shares at $50 per share. Commission Fee was $50. (b) Feb 27: Purchased 200 Jason Corp shares at $30 per share, no commission (c) Mar 16: Received a $4 per share dividend on the Flipper Corp shares. (d) Mar 31: Sold 150 shares of Flipper Corp at $60 per share.
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