Asked by Anh Thy Nguy?n Ng?c on Jun 03, 2024
Verified
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 $228000.
30 Received a cash dividend of $1.50 per share from Snoop Corporation.
Sept. 15 Sold 120 shares of Snoop Corporation stock for $50 per share.
Dec. 31 Received semiannual interest check for $13000 from Barr Corporation.
31 Received a cash dividend of $2 per share from Snoop Corporation.
Instructions
Journalize the transactions.
Marketable
Describes assets or securities that can easily be sold or converted into cash without a significant loss in value.
Cash Dividend
A payout from the company's profits, determined by the board of directors, given to certain shareholders as cash.
- Assess and log in bookkeeping records the profits, losses, dividends disbursed, and interest revenue from investments.
- Capture the activities involved in securing, relinquishing, and harboring investment securities, along with adjustments pertinent to fair value.
Verified Answer
MC
Learning Objectives
- Assess and log in bookkeeping records the profits, losses, dividends disbursed, and interest revenue from investments.
- Capture the activities involved in securing, relinquishing, and harboring investment securities, along with adjustments pertinent to fair value.
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