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a. On February 15, pald $180,000 cash to purchase American General's 90-day short-term notes at par, which are dated February 15 and pay 10% interest
a. On February 15, pald $180,000 cash to purchase American General's 90-day short-term notes at par, which are dated February 15 and pay 10% interest (classified as held-to-maturity). b. On March 22, bought 700 shares of Fran Industrles common stock at $24 cash per share plus a $140 brokerage fee (classified as long-term avallable-for-sale securities). c. On May 15, recelved a check from American General In payment of the princlpal and 90 days' Interest on the notes purchased In transaction a d. On July 30, paid $54,000 cash to purchase MP3 Electronics, 9% notes at par, dated July 30, 2017, and maturing on January 30, 2018 (classified as trading securitles) e. On September 1, recelved a $0.50 per share cash dividend on the Fran Industries common stock purchased In transaction b f. On October 8, sold 350 shares of Fran Industries common stock for $30 cash per share, less a $120 brokerage fee. g. On October 30, recelved a check from MP3 Electronics for three months' Interest on the notes purchased In transaction d Prepare Journal entries to record the above transactions Involving both the short-term and long-term Investments of Cancun Corp., all of which occurred during calendar-year 2017. Use the account Short-Term Investments for any transactions that you determine are short term. (Use 360 days In a year. Do not round your Intermedlate calculatlons.) View transaction list Journal entry worksheet On February 15, paid $180,000 cash to purchase American General's 90-day short-term notes at par, which are dated February 15 and pay 10% interest (classified as held-to-maturity) Note: Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general jourmal
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