The following transactions were made by Allen Company Assume all investments are short term and are readily marketable June 2 Purchased 400 shares of Snoop Corporation common stock for $45 per share July 1 Purchased 200 Barr Corporation bonds for $228,000 30 Received a cash dividend of $1 50 per sh...

June 2 Stock Investments 18000 Cash 18000 To record purchase of 400 ...

The following transactions were made by Allen Company. Assume all investments are short-term and are readily marketable.

Question:

The following transactions were made by Allen Company. Assume all investments are short-term and are readily marketable.
June 2 Purchased 400 shares of Snoop for $45 per share.
July 1 Purchased 200 Barr bonds for $228,000.
30 Received a cash of $1.50 per share from Snoop
Sept. 15 Sold 120 shares of Snoop stock for $50 per share.
Dec. 31 Received semiannual interest check for $13,000 from Barr
31 Received a cash of $2 per share from Snoop
Instructions
Journalize the transactions.
Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on... Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may... Dividend
A dividend is a distribution of a portion of company’s earnings, decided and managed by the company’s board of directors, and paid to the shareholders. Dividends are given on the shares. It is a token reward paid to the shareholders for their...