Question
Question no 5: 3 Marks Stone Company had the following transactions pertaining to short-term investments in equity securities. Jan. 1 Purchased 900 shares of Pierce
Question no 5: 3 Marks
Stone Company had the following transactions pertaining to short-term investments in equity securities. Jan. 1 Purchased 900 shares of Pierce Company stock for $9,450 cash plus brokerage fees of $270.
June 1 received cash dividends of $.50 per share on Pierce Company stock.
Sept. 15 Sold 400 shares of Pierce Company stock for $4,300 less brokerage fees of $100.
Dec. 1 Received cash dividends of $.50 per share on Pierce Company stock.
Instructions:
(a) Journalize the transactions.
(b) Indicate the income statement effects of the transactions.
Answer:
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Management Audit A Complete Guide
Authors: Gerardus Blokdyk
2020 Edition
0655905413, 978-0655905417
