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Prepare journal entry on the books of atlas superstores

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Reference no: EM132725174

Jan. 15: Purchased 300 shares of Bassett common stock at $48 per share, plus $510 in commissions.

May 23: Received dividends of $1.7 per share on the Bassett stock.

June 1: Purchased 50 shares of Boxer stock at $72 per share, plus $310 in commissions.

Oct 20: Sold all of the Bassett stock at $46 per share, less commissions of $390.

Dec. 15: Received notification from Boxer that a $2.2-per-share dividend had been declared. The checks will be mailed to stockholders on January 10, 2017.

Problem 1: Prepare journal entry on the books of Atlas Superstores during 2016 to record the transaction on January 15. Indicate the effect on financial statement items by selecting "-" for decrease (or negative effect), "+" for increase (or positive effect) and "NE" for No Entry (or no effect) on the financial statement.

Problem 2: Prepare journal entry on the books of Atlas Superstores during 2016 to record the transaction on May 23. Indicate the effect on financial statement items by selecting "-" for decrease (or negative effect), "+" for increase (or positive effect) and "NE" for No Entry (or no effect) on the financial statement.

Problem 3: Prepare journal entry on the books of Atlas Superstores during 2016 to record the transaction on June 1. Indicate the effect on financial statement items by selecting "-" for decrease (or negative effect), "+" for increase (or positive effect) and "NE" for No Entry (or no effect) on the financial statement.

Problem 4: Prepare journal entry on the books of Atlas Superstores during 2016 to record the transaction on October 20. Indicate the effect on financial statement items by selecting "-" for decrease (or negative effect), "+" for increase (or positive effect) and "NE" for No Entry (or no effect) on the financial statement.

Problem 5: Prepare journal entry on the books of Atlas Superstores during 2016 to record the transaction on December 15. Indicate the effect on financial statement items by selecting "-" for decrease (or negative effect), "+" for increase (or positive effect) and "NE" for No Entry (or no effect) on the financial statement.

Reference no: EM132725174

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