On August 15, 2017, Huffington Enterprises purchases 5,000 shares of common stock in Huong Inc. at a market price of $15 per share. In addition, Huffington pays brokerage fees of $1,000. On October 20, 2017, Huffington sells the Huong stock for $10 per share.

Required:

Identify and analyze all transactions on Huffingtons books in connection with the investment beginning with the purchase of the common stock on August 15, 2017.

Activity
Accounts
Statement(s)

How does this entry affect the accounting equation? If a financial statement item is not affected, select "No Entry" and leave the amount box blank. If the effect on a financial statement item is negative, i.e, a decrease, be sure to enter the answer with a minus sign.

Balance Sheet

Income Statement

Stockholders'

Net

Assets

=

Liabilities

+

Equity

Revenues

Expenses

=

Income

Insert

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The sale of the common stock on October 20, 2017.

Activity
Accounts
Statement(s)

How does this entry affect the accounting equation? If a financial statement item is not affected, select "No Entry" and leave the amount box blank. If the effect on a financial statement item is negative, i.e, a decrease, be sure to enter the answer with a minus sign.

Balance Sheet

Income Statement

Stockholders'

Net

Assets

=

Liabilities

+

Equity

Revenues

Expenses

=

Income

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