Seamus Industries Inc. buys and sells investments as part of its ongoing cash management. The following investment transactions were completed during the year: May 16 Acquired 500 shares of Tett Co.'s stock for $112 per share plus a $125 brokerage commission. Acquired 2,400 shares of Issacson Co.'s stock for $47 per share plus a $240 commission. Sold 200 shares of Tett Co. stock for $124 per share less a $81 brokerage commission. July 14 Aug. 12 Sold 900 shares of Issacson Co. stock for $37 per share less a $115 brokerage commission. Oct. 31 Received dividends of $0.36 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 $112.45 per share. The fair value of the remaining 1,500 shares of Isaacson Co.'s stock was equal to its cost of $47.1 per share. Feb. 24

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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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 Notes Receivable
May 16
July 14
Aug. 12
Oct. 31
Cash
Dividends Receivable
Unrealized Gain on Equity Investments
Unrealized Loss on Equity Investments
Dec. 31 Valuation Allowance for Equity Investments
Valuation Allowance for Equity Investments
000
Transcribed Image Text: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 Notes Receivable May 16 July 14 Aug. 12 Oct. 31 Cash Dividends Receivable Unrealized Gain on Equity Investments Unrealized Loss on Equity Investments Dec. 31 Valuation Allowance for Equity Investments Valuation Allowance for Equity Investments 000
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 $112 per share plus a $125 brokerage commission.
May 16
Acquired 2,400 shares of Issacson Co.'s stock for $47 per share plus a $240 commission.
Sold 200 shares of Tett Co. stock for $124 per share less a $81 brokerage commission.
July 14
Aug. 12
Sold 900 shares of Issacson Co. stock for $37 per share less a $115 brokerage commission.
Oct. 31
Received dividends of $0.36 per share on Tett Co. stock.
At the end of the accounting period, the fair value of the remaining 300 shares of Tett Co.'s stock was $112.45
per share. The fair value of the remaining 1,500 shares of Isaacson Co.'s stock was equal to its cost of $47.1
per share.
Dec. 31
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
May 16
July 14
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: Feb. 24 Acquired 500 shares of Tett Co.'s stock for $112 per share plus a $125 brokerage commission. May 16 Acquired 2,400 shares of Issacson Co.'s stock for $47 per share plus a $240 commission. Sold 200 shares of Tett Co. stock for $124 per share less a $81 brokerage commission. July 14 Aug. 12 Sold 900 shares of Issacson Co. stock for $37 per share less a $115 brokerage commission. Oct. 31 Received dividends of $0.36 per share on Tett Co. stock. At the end of the accounting period, the fair value of the remaining 300 shares of Tett Co.'s stock was $112.45 per share. The fair value of the remaining 1,500 shares of Isaacson Co.'s stock was equal to its cost of $47.1 per share. Dec. 31 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 May 16 July 14
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