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problem: Haladam Co had the following transactions relating to investments in trading securities during the year. Prepare the required general journal entry for these transactions.

May 4 – Haladam purchased 600 shares of Cob Company stock at USD 120 per share plus USD 750 brokerage fee

July 1 Haladam received a USD 2.50 per share cash dividend on the Cob Company stock

Sept 15  - Sold 300 shares of Cob Company stock for USD 125 each share, less USD 450 brokerage fee

Dec 31 – The market value of the Cob Company stock [the only investment that Haladam owns] is USD 124 per share. The balance of the market adjustment – trading had a zero balance prior to adjustment.

Basic Finance, Finance

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  • Reference No.:- M916406

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