QS 15-4 Recording trading securities LO P1

Prepare Hertog Companys journal entries to reflect the following transactions for the current year.

May		7		Purchases 310 shares of Kraft stock as a short-term investment in trading securities at a cost of $61 per share plus $410 in broker fees.
June		6		Sells 310 shares of its investment in Kraft stock at $67 per share. The brokers commission on this sale is $205.

Journal entry worksheet 2 Record the purchase of 310 shares of Kraft stock as a short-term investment in trading securities at a cost of $61 per share plus $410 in broker fees. Note: Enter debits before credits Date General Journal Debit Credit May 07 Record entry Clear entry View general journal