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.
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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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