Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

need help with the journal entry for August 1 thanks. URCES (Ch 11 Question 2 During 2018, Benton Financial Corporation had the following held for

image text in transcribed

image text in transcribed

need help with the journal entry for August 1 thanks.

URCES (Ch 11 Question 2 During 2018, Benton Financial Corporation had the following held for trading investment transactions: 1 Purchased 660 CBF common shares for $38,280. Mar Purchased 770 RSD common shares for $20,790. Apr. 1 Wrchased 7% MRT bonds at face value, for $63,000. Interest is received semi-annually on April 1 and October 1. Joly 1 Recei a cash dividend of $3 per share on the CBF common shares. Aug. 1 Sold 210 CE common shares at $56 per share. Sept. 1 Received a casi, ividend of $1.60 per share on the RSD common shares. Oct. 1 Received the semi-annual interest on the MRT bonds. 1 Sold the MRT bonds for $65,200. Dec. 31. The market prices of the CBF and RSD common shares were $53 and $28 per share, respectively. Study al Date Feb. 1 - Account Titles and Explanation Held for Trading Investments Debit Credit 38280 Cash 38280 Mar. 1 d for Trading Investments 20790 Cash 20790 Apr. 1 Held for Trading Investments 63000 Cash 63000 July 1 Cash 1980 Dividend Revenue 1980 Aug. 1 Cash 11760 Held for Trading Investments Sept. 1

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Police Auditing Standards And Applications

Authors: Allan Y. Jiao

2nd Edition

0398090750, 978-0398090753

More Books

Students also viewed these Accounting questions