Entries for Stock Investments, Dividends, and Sale of StockSeamus Industries Inc. buys and sells investments as part of its ongoing cash management. The following investment transactions were completed during the year:Feb. 24Acquired 500 shares of Tett Co.'s stock for $163 per share plus a $145 brokerage commission.May 16Acquired 1,200 shares of Issacson Co.'s stock for $45 per share plus a $192 commission.July 14Sold 200 shares of Tett Co. stock for $181 per share less a $118 brokerage commission.Aug. 12Sold 400 shares of Issacson Co. stock for $36 per share less a $112 brokerage commission.Oct. 31Received dividends of $0.42 per share on Tett Co. stock.Dec. 31At the end of the accounting period, the fair value of the remaining 300 shares of Tett Co.'s stock was $163.49 per share. The fair value of the remaining 800 shares of Isaacson Co.'s stock was equal to its cost of $45.16 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 blank.Feb. 24 - Select -- Select - - Select -- Select -May 16 - Select -- Select - - Select -- Select -July 14 - Select -- Select - - Select -- Select - - Select -- Select -Aug. 12 - Select -- Select - - Select -- Select - - Select -- Select -Oct. 31 - Select -- Select - - Select -- Select -Dec. 31 - Select -- Select - - Select -- Select -

Journal entry is a primary entry that records the financial transactions initially.

Answered: Entries for Stock Investments,…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Question

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:

Feb. 24	Acquired 500 shares of Tett Co.'s stock for $163 per share plus a $145 brokerage commission.
May 16	Acquired 1,200 shares of Issacson Co.'s stock for $45 per share plus a $192 commission.
July 14	Sold 200 shares of Tett Co. stock for $181 per share less a $118 brokerage commission.
Aug. 12	Sold 400 shares of Issacson Co. stock for $36 per share less a $112 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 300 shares of Tett Co.'s stock was $163.49 per share. The fair value of the remaining 800 shares of Isaacson Co.'s stock was equal to its cost of $45.16 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 blank.

Feb. 24	- Select -	- Select -
	- Select -	- Select -
May 16	- Select -	- Select -
	- Select -	- Select -
July 14	- Select -	- Select -
	- Select -	- Select -
	- Select -	- Select -
Aug. 12	- Select -	- Select -
	- Select -	- Select -
	- Select -	- Select -
Oct. 31	- Select -	- Select -
	- Select -	- Select -
Dec. 31	- Select -	- Select -
	- Select -	- Select -