Medical industry shares are selling for 25 per share and, Ask an Expert

Management Studies

Q. Jackson Industry engaged in the subsequent investment transactions during the current year.

Feb. 17 Purchased 500 shares of Medical Industry common for $20 per share plus a brokerage commission of $100; these are classified as trading securities.

Apr. 1 Bought 30,000 of the 100,000 outstanding shares of Olde Industry for $300,000.

Jun. 25 received a $1.20 per share dividend on Medical Industry stock.

Jun. 30 Olde Industry reported second quarter profits of $20,000.

Oct. 1 Purchased 2,000 shares of Alphan industry for $15 per share plus a brokerage fee of $400; these are classified as available for sale.

Dec. 31 Medical Industry shares are selling for $25 per share and Alphan industry shares are selling for $12 per share.

Required:

Prepare the journal entries required to record the transactions for the year including year-end adjustments in proper format

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Business Management, Management Studies

Category:- Business Management
Reference No.:- M9379129

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