Question
Bentz Corporation bought and sold several securities during 2016. Listed below is a summary of the transactions: February 17 Purchased $93,000 of U.S. Treasury 6%
Bentz Corporation bought and sold several securities during 2016. Listed below is a summary of the transactions: |
February 17 | Purchased $93,000 of U.S. Treasury 6% bonds at par plus accrued interest of $1,000. The security is to be held for short-term profits. |
April 10 | Purchased 410 shares of Gauges Inc. common stock at $135 per share. This security will be held for an unspecified period of time. |
August 8 | Sold 290 shares of Gauges Inc. for $145 per share. |
October 5 | Sold half of the U.S. Treasury bonds for $46,910 plus accrued interest of $210. |
Required: |
Prepare the journal entries for the above transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Purchased $93,000 of U.S. Treasury 6% bonds at par plus accrued interest of $1,000. The security is to be held for short-term profits. Purchased 410 shares of Gauges Inc. common stock at $135 per share. This security will be held for an unspecified period of time. Sold 290 shares of Gauges Inc. for $145 per share. Sold half of the U.S. Treasury bonds for $46,910 plus accrued interest of $210. |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started