Determining the investments in stock

Assignment Help Accounting Basics

Reference no: EM13954156

Investments in Stock

Atlas Superstores occasionally finds itself with excess cash to invest and consequently entered into the following transactions during 2014:

Jan. 15: Purchased 200 shares of Bassett common stock at $50 per share, plus $500 in commissions.

May 23: Received dividends of $2 per share on the Bassett stock.

June 1: Purchased 100 shares of Boxer stock at $74 per share, plus $300 in commissions.

Oct. 20: Sold all of the Bassett stock at $42 per share, less commissions of $400.

Dec. 15: Received notification from Boxer that a $1.50-per-share dividend had been declared. The checks will be mailed to stockholders on January 10, 2015.

Required:

Prepare journal entries on the books of Atlas Superstores during 2014 to record these transac- tions, including any necessary entry on December 15 when the dividend was declared.

Reference no: EM13954156

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