More Info 2016 Jul 2 Purchased 3,300 shares of Microscape, Inc. common stock at

Question

More Info 2016 Jul 2 Purchased 3,300 shares of Microscape, Inc. common stock at $15.00 per share. Postage People holds the stock in its active trading account and plans to sell the stock within three months, when the company will need the cash for normal operations Aug. 21 Received al cash dividend of $0.90 per share on the Microscape stock investment Sep. 16 Sold the Microscape stock for $15.50 per share Oct. 8 Purchased 900 shares of Volton stock at $2200 per share. The stock is held in the active trading account as Postage People plans to hold the Volton stock for less than five months Dec. 31 Volton stock's current market price is $4.00 per share Print Done

Explanation / Answer

2) T-Accounts:

1) Journal Entries: Date Accounts Titles Debit $ Credit $ 2-Jul Securities for sale 49500 Cash 49500 21-Aug Cash 2970 Dividend revenue 2970 16-Sep Cash 51150 Securities for sale 49500 Gain on stock sales 1650 8-Oct Securities for sale 19800 Cash 19800 31-Dec Unrealised loss on Securities for sale 16200 Securities for sales 16200

Related Questions

Navigate

• Browse (All)
• Browse M
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.