Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please awnser all Cocoa and Reuben Company had no short-term investments before 2021. It had the following transactions in 2021 involving short-term stock investments with

please awnser all
image text in transcribed
Cocoa and Reuben Company had no short-term investments before 2021. It had the following transactions in 2021 involving short-term stock investments with insignificant influence. Apr. 16 Purchased 3,500 shares of Gem Co. stock at $24 per share. July 7 Purchased 2,000 shares of PepsiCo stock at $49 per share. 20 Purchased 1,000 shares of Xerox stock at $16 per share. Aug. 15 Received a $1.00 per share cash dividend on the Gem Co. stock. 28 Sold 2,000 shares of Gem Co stock at $30 per share. Oct. 1 Received a $2.50 per share cash dividend on the PepsiCo shares. Dec. 15 Recelved a $1.00 per share cash dividend on the remaining Gem Co, shares. 31 Received a $1.50 per share cash dividend on the PepsiCo shares. Please prepare the journal entries for each date presented above. Please use the dates provided for each journal entry. You should have 8 journal entries to be graded

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

Frank Woods Business Accounting Volume 2

Authors: Frank Wood, Alan Sangster

14th Edition

1292209178, 9781292209173

More Books

Students also viewed these Accounting questions

Question

What is the meaning and definition of E-Business?

Answered: 1 week ago

Question

Is the style consistent?

Answered: 1 week ago

Question

Does your strategic intent play to your strengths?

Answered: 1 week ago