70.2K

Verified Solution

Link Copied!

the answers in blue are wrong.

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 2,000 shares of Tett Co. stock for $80 per share plus a $200 brokerage commission May 16 Acquired 2,000 shares of Issacson Co. stock for $40 per share plus a $100 commission July 14 Sold 500 shares of Tett Co. stock for $100 per share less a $50 brokerage commission. Aug, 12 Sold 1,000 shares of Issacson Co. stock for $34 per share less an $80 brokerage commission Oct. 31 Received dividends of $0.30 pair share on Tett Co. stock. Journalize the entries for these transactions under the fair value method. If an amount box does not require an entry, leave it blank. Feb. 24 Cash Cash May 16 Dividends Receivable Notes Receivable July 14 Dividends Receivable Gain on Sale of Investments Dividend Revenue Aug. 12 Dividend Revenue Investments-Issacson Co. Stock Dividend Revenue Aug. 12 Oct. 31 150 Drokerage commission. Sold 1,000 shares of Issacson Co. stock for $34 per share less an $80 brokerage commission. Received dividends of $0.30 per share on Tett Co. stock. Journalize the entries for these transactions under the fair value method. If an amount box does not require an entry, leave it blank. Feb. 24 Cash Cash May 16 Dividends Receivable Notes Receivable July 14 Dividends Receivable Gain on Sale of Investments Dividend Revenue I II III III II 11 11 11 Aug. 12 Dividend Revenue Investments-Issacson Co. Stock Dividend Revenue Oct. 31 Check My Work

Answer & Explanation Solved by verified expert

See Answer