Prepare entries to record the preceding transactions

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Accounting Question - During certain periods, Yang Company invests its excess cash until it is needed. During 2010 and 2011, Yang engaged in these transactions:

2010

Jan. 16 Invested $146,000 120-day U.S. Treasury bills that had a maturity value of $150,000

April 15 Purchased 10,000 shares of King Tool common stock at $40 per share and 5,000 shares of Mellon Gas common stock at 430 per share as trading securities.

May 16 Received maturity value of U.S. treasury bills in cash.

June 2 Received dividends of $2.00 per share from King Tool and $1.50 per share from Mellon Gas.

Nov. 14 Sold all the shares of King Tools for $42 per share.

2011

Feb. 15 Purchased 9,000 shares of MKD Communications for $50 per share

April 1 Invested $195,500 in 120-day U.S. Treasury bills that had a maturity value of $200,000

June 1 Received dividends of $2.20 per share from Mellon Gas.

June 30 Made year-end adjusting entry for held-to-maturity securities

June 30 Made year-end adjusting entries for trading securities. Market price of Mellon Gas shares is $33 per share and MKD Communications shares is $60 per share.

Required - Prepare entries in journal form to record the preceding transactions, assuming that Yang Company's fiscal year ends on June 30.

Reference no: EM133206196

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