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Hello I need help please show all work and answers thanks Prepare journal entries to record the following transactions involving both the short term and
Hello I need help please show all work and answers thanks
Prepare journal entries to record the following transactions involving both the short term and long-term investments of Cancun, Corp. all of which occurred during calendar-year 2018. Use he account Short-Term Investments for any transactions that you can determine are short term. 3. On February 15, paid $200,000 cash to purchase American General's 90-day short-term notes at par, which are dated February 15 and pay 12% interest (classified as held-to-maturity) a. b. On March 22, bought 800 shares of Fran Industries common stock at $40 cash per share plus a $350 brokerage fee (classified as long-term-available-for-sale-securities) c. On May 15, received a check from American General in payment of the principal and 90 days interest on the notes purchased in transaction a. d. On July 30, paid $100,000 cash to purchase MP3 Electronics 9% notes at par, dated July 30, 2017 and maturing on January 30,2019 (classified as trading securities) Step by Step Solution
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