Exercise 15-2 Accounting for short-term trading securities LO P1

Prepare journal entries to record the following transactions involving the short-term securities investments of Duke Co., all of which occurred during year 2017.

1. On March 22, purchased 750 shares of RIP Company stock at $28 per share plus a(n) $190 brokerage fee. These shares are categorized as trading securities.
2. On September 1, received a $2 per share cash dividend on the RIP Company stock purchased in transaction a.
3. On October 8, sold 375 shares of RIP Co. stock for $38 per share, less a(n) $180 brokerage fee.