Securities trans - Review of Transactions for...

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Review of Transactions for Available-for-Sale Securities On June 10, 2007, Greenbrier Inc. purchased 28,000 shares Tipple Corporation stock at $35.60 for a short-term investment. The brokerage commission on the purchase was $35. Requirements: a. Record the purchased of the Tipple Corporation stock. Date Account Titles and Explanations Debits Credits June 10 b. On August 5, Greenbrier received $9,800 in dividends on Tipple Corporation stock. Record this transaction. Date Account Titles and Explanations Debits Credits Aug. 5 c. On December 31, 2007, the market price of Tipple Corporation stock was $33. Write any journal entries required to update the financial statements for investments marked to market. Date Account Titles and Explanations Debits Credits Dec. 31 d. How would this short-term investment appear on the December 31 balance sheet and income statement? Current Assets: Stockholders' Equity: Income Statement: e. Record the sale of 2,800 shares of stock on June 18, 2008 for $32.00 per share less a brokerage commission of $30. Date Account Titles and Explanations Debits Credits June 18
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Review of Transactions for Trading Securities On March 23, 2007, Robinson Lake Company purchased 5,000 shares Creek Corporation stock at $35.00 for speculation. The stock broker's commission was $20. Requirements:
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This note was uploaded on 02/25/2009 for the course ACC 101 taught by Professor Fried during the Spring '09 term at Coastline Community College.

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Securities trans - Review of Transactions for...

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