Rocktown Corporation bought 620 shares of General Eccentric stock on March 20 fo

Question

Rocktown Corporation bought 620 shares of General Eccentric stock on March 20 for its trading securities portfolio at $31 per share. Rocktown sold the stock at $35 per share on June 23. Prepare the journal entries to record the transactions on each of these dates, assuming that the investment had not yet been adjusted to fair value (that is, the investment was still recorded at cost at the time of sale). (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the purchase of 620 shares of General Eccentric stock by Rocktown Corporation for its trading securities portfolio at $31 per share. Note: Enter debits before credits. Date March 20 General Journal Debit Credit Record entry Clear entry View general journal

Explanation / Answer

Purchase Date Account Title Debit Credit 20-Mar-17 Trading Securities      19,220 Cash      19,220 Sale Date Account Title Debit Credit 23-Jun-17 Cash      21,700 Realized Gain on Trading Securities         2,480 Trading Securities      19,220

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