s, and Sale of Stock Seamus Industries Inc. buys and sells investments as part o
ID: 2332274 • Letter: S
Question
s, and Sale of Stock Seamus Industries Inc. buys and sells investments as part of its ongoing cash management. The following investment transactions were completed during the year Acquired 400 shares of Tett Co. stock for $139 per share plus a $84 brokerage commission Acquired 1,400 shares of Issacson Co. stock for $35 per share plus a $182 commission. Feb. 24 May 16 July 14 Sold 200 shares of Tett Co. stock for $154 per share less a $100 brokerage commission Aug. 12 Sold 500 shares of Issacson Co. stock for $28 per share less a $87 brokerage commission Oct. 31 Received dividends of $0.26 per share on Tett Co. stock Journalize the entries for these transactions in your computations; round per share amounts to two decimal places. When required, round final answers to the nearest dollar, For a compound transaction, if an amount box does not reqtire an entry, leave it blank. Feb. 24 uly 14 Aug. 12 Next MacBook AirExplanation / Answer
Date Account Tites and Explaination Debit Credit Feb-24 Investment - Tett company [(400 shares X $139) + $84] $ 55,684 Cash $ 55,684 (Being 400 shares of Tett company acquired) May-16 Investment - Isaacson company [(1,400 shares X $35) + $182] $ 49,182 Cash $ 49,182 (Being 1,400 shares of Isaacson company acquired) Jul-14 Cash [(200 shares X $154) - $100] $ 30,700 Investment [$55,684 X (200/1,000)] $ 11,137 Gain on sale of Investment $ 19,563 (Being 200 shares of Tett company sold) Aug-12 Cash [(500 shares X $28) - $87] $ 13,913 Loss on sale of Investment $ 3,652 Investment [$49,182 X (500/1,400)] $ 17,565 (Being 500 shares of Isaacson company sold) Oct-31 Cash [(1,000 shares - 200 shares) X $0.26] $ 208 Dividend Income $ 208 (Being Dividend received from Tett company)
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