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Fundamental Accounting Principles 22th Edition by John Wild ,Ken Shaw,Barbara Chiappetta
Edition 22ISBN: 978-0077862275Fundamental Accounting Principles 22th Edition by John Wild ,Ken Shaw,Barbara Chiappetta
Edition 22ISBN: 978-0077862275 Exercise 21
Prepare journal entries to record the following transactions involving the short-term securities investments of Duke Co., all of which occurred during year 2015.
a. On March 22, purchased 1,000 shares of RIP Company stock at $10 per share plus an $80 brokerage fee. These shares are categorized as trading securities.
b. On September 1, received a $1.00 per share cash dividend on the RIP Company stock purchased in transaction a.
c. On October 8, sold 500 shares of RIP Co. stock for $15 per share, less a $50 brokerage fee.
a. On March 22, purchased 1,000 shares of RIP Company stock at $10 per share plus an $80 brokerage fee. These shares are categorized as trading securities.
b. On September 1, received a $1.00 per share cash dividend on the RIP Company stock purchased in transaction a.
c. On October 8, sold 500 shares of RIP Co. stock for $15 per share, less a $50 brokerage fee.
Explanation
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Trading securities are kind of equity an...
Fundamental Accounting Principles 22th Edition by John Wild ,Ken Shaw,Barbara Chiappetta
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