On february 15 paid 190000 cash to purchase american

Reference no: EM13600391

a. On February 15, paid $190,000 cash to purchase American General's 120-day short-term notes at par, which are dated February 15 and pay 6% interest (classified as held-to-maturity).
b. On March 22, bought 550 shares of Frain Industries common stock at $20 cash per share plus a $110 brokerage fee (classified as long-term available-for-sale securities).
c. On June 15, received a check from American General in payment of the principal and 120 days' interest on the notes purchased in transaction a.
d. On July 30, paid $57,000 cash to purchase MP3 Electronics' 5% notes at par, dated July 30, 2011, and maturing on January 30, 2012 (classified as trading securities).
e. On September 1, received a $0.52 per share cash dividend on the Frain Industries common stock purchased in transaction b.
f. On October 8, sold 275 shares of Frain Industries common stock for $26 cash per share, less a $90 brokerage fee.
g. On October 30, received a check from MP3 Electronics for three months' interest on the notes purchased in transaction d.

Prepare journal entries to record the above transactions involving both the short-term and long-term investments of Sophia Corp., all of which occurred during calendar year 2011. Use the account Short-Term Investments for any transactions that you determine are short term. (Use 360-days a year. Do not round intermediate calculations and round your final answers to the nearest dollar amount. Omit the "tiny_mce_markerquot; sign in your response.)

Reference no: EM13600391

Questions Cloud

Your client a physician recently purchased a yacht on which : your client a physician recently purchased a yacht on which he flies a pennant with a medical emblem on it. he

Terminated of an offer 1an agents authority may be actual : 1.an agent3939s authority may be actual or apparentexpress or implied.what do you understand by this statement?20mks

What percentage completion figure would result in : the final processing department in carols production facility began the year with no work in process inventories.

Russell corporation sells three different models of : russell corporation sells three different models of mosquito zapper. model a12 sells for 54 and has variable costs of

On february 15 paid 190000 cash to purchase american : a. on february 15 paid 190000 cash to purchase american generals 120-day short-term notes at par which are dated

The final processing department in carols production : the final processing department in carols production facility began the year with no work in process inventories.

Harry was experiencing financial difficulties and could not : harry was experiencing financial difficulties and could not make the mortgage payments on his home. the mortgage holder

In december 2008 ace consulting performed services for a : in december 2008 ace consulting performed services for a customer for 12000 on account. on june 1 2009 after several

Cash paid to suppliers during the year amounted to 677000 : for each of the following items calculate the amount of revenue or expense that should be recognized on the income

User Account

All Pages