Franklin industries inc buys and sells investments as part, Ask an Expert

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Franklin Industries, Inc. buys and sells investments as part of its ongoing cash management. The following investment transactions were completed during the year:

Feb. 6. Acquired 800 shares of Randolph Co. stock for $155 per share plus a $288 brokerage commission.

Apr. 21. Acquired 2,500 shares of Sterling Co. stock for $49 per share plus a $375 commission.

Aug. 15. Sold 300 shares of Randolph Co. stock for $172 per share less a $112 brokerage commission.

Sept. 8. Sold 900 shares of Sterling Co. stock for $39 per share less a $121 brokerage commission.

Oct. 31. Received dividends of $0.28 per share on Randolph Co. stock.

Journalize the entries for these transactions.

In your computations, round per share amounts to two decimal places. When required, round final answers to the nearest dollar. For a compound transaction, if an amount box does not require an entry, leave it blank.

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Financial Accounting, Accounting

Category:- Financial Accounting
Reference No.:- M91975191

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