Entries for Stock Investments, Dividends, and Sale of Stock Seamus Industries Inc. buys and sells investments as part of its ongoing cash management. The following investment transactions were completed during the year: Acquired 700 shares of Tett Co.'s stock for $156 per share plus a $196 brokerage commission. Acquired 2,200 shares of Issacson Co.'s stock for $38 per share plus a $352 commission. Feb. 24 May 16 July 14 Aug. 12 Sold 300 shares of Tett Co. stock for $173 per share less a $112 brokerage commission. Sold 800 shares of Issacson Co. stock for $30 per share less a $93 brokerage commission. Received dividends of $0.42 per share on Tett Co. stock. Oct. 31 Dec. 31 At the end of the accounting period, the fair value of the remaining 400 shares of Tett Co.'s stock was $156.48 per share. The fair value of the remaining 1,400 shares of Isaacson Co.'s stock was equal to its cost of $38.16 per share. Journalize the entries for these transactions. In your computations, round per share amounts to two decimal places. When required, round final answers to the nearest dollar. If an amount box does not require an entry leave it ank Feb. 24 May 16 July 14- Aug. 12 Print Item Oct. 31 Dec. 31

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question

Subject : Accounting

 

Entries for Stock Investments, Dividends, and Sale of Stock
Seamus Industries Inc. buys and sells investments as part of its ongoing cash management. The following investment transactions were completed during the year:
Acquired 700 shares of Tett Co.'s stock for $156 per share plus a $196 brokerage commission.
Acquired 2,200 shares of Issacson Co.'s stock for $38 per share plus a $352 commission.
Feb. 24
May 16
July 14
Aug. 12
Sold 300 shares of Tett Co. stock for $173 per share less a $112 brokerage commission.
Sold 800 shares of Issacson Co. stock for $30 per share less a $93 brokerage commission.
Oct. 31
Received dividends of $0.42 per share on Tett Co. stock.
Dec. 31
At the end of the accounting period, the fair value of the remaining 400 shares of Tett Co.'s stock was $156.48
per share. The fair value of the remaining 1,400 shares of Isaacson Co.'s stock was equal to its cost of $38.16
per share.
Feb. 24
Journalize the entries for these transactions. In your computations, round per share amounts to two decimal places. When required, round final answers to the nearest dollar. If an amount box does not require an entry, leave it bank
May 16
July 14
Aug, 12
Oct. 31
Show Me How
Dec. 31
Print Item
☐☐☐☐☐☐☐
000 00 00
Transcribed Image Text:Entries for Stock Investments, Dividends, and Sale of Stock Seamus Industries Inc. buys and sells investments as part of its ongoing cash management. The following investment transactions were completed during the year: Acquired 700 shares of Tett Co.'s stock for $156 per share plus a $196 brokerage commission. Acquired 2,200 shares of Issacson Co.'s stock for $38 per share plus a $352 commission. Feb. 24 May 16 July 14 Aug. 12 Sold 300 shares of Tett Co. stock for $173 per share less a $112 brokerage commission. Sold 800 shares of Issacson Co. stock for $30 per share less a $93 brokerage commission. Oct. 31 Received dividends of $0.42 per share on Tett Co. stock. Dec. 31 At the end of the accounting period, the fair value of the remaining 400 shares of Tett Co.'s stock was $156.48 per share. The fair value of the remaining 1,400 shares of Isaacson Co.'s stock was equal to its cost of $38.16 per share. Feb. 24 Journalize the entries for these transactions. In your computations, round per share amounts to two decimal places. When required, round final answers to the nearest dollar. If an amount box does not require an entry, leave it bank May 16 July 14 Aug, 12 Oct. 31 Show Me How Dec. 31 Print Item ☐☐☐☐☐☐☐ 000 00 00
Expert Solution
steps

Step by step

Solved in 4 steps

Blurred answer
Knowledge Booster
Accounting for Impairment of Assets
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education