Prepare the journal entry for the sale of the 2800 nirmala, Ask an Expert

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A company made the following cash purchases during 2011:

1. Jan. 15 purchased 7000 shares of Nirmala Corp's common shares at $34.10/share plus commission of 1900

2. April 1, purchased 3500 shares of Oxana Corp's common shares at $52/share plus commission of $3490

3. Sept. 10, purchased 4250 shares of WTA corp's preferred shares at $28/share plus commission of $4840

On May 20 the company sold 2800 Of Nirmala common shares at a market price of $38/share less brokerage commissions of $4700.

Year end values of shares were as follows: Nirmala $30, Oxana $55, WTA $30

Prepare the journal entry for the sale of the 2800 Nirmala shares on May 20

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M951521

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