Haladam Company had the following transactions relating to investments in trading securities during the year.Prepare the required general journal entries for these transactions.
$\begin{array}{cl}
\text{May 4} & \text{Haladam purchased 600 shares of Cob Company stock at \$ 120 per share plus a \$ 750}\
&\text{brokerage fee.}\
\text{July 1}& \text{Haladam received a \$ 2.50 per share cash dividend on the Cob Company stock.}\
\text{Sept. 15} &\text{Sold 300 shares of the Cob Company stock for \$ 125 per share, less a \$ 450}\
&\text{brokerage fee.}\
\text{Dec. 31}& \text{The market value of the Cob Company stock (the only investment that Haladam}\
&\text{owns) is \$124 per share. The balance of the Market Adjustment - Trading a zero}\
&\text{balance prior to adjustment.}
\end{array}$

Question

Haladam Company had the following transactions relating to investments in trading securities during the year.Prepare the required general journal entries for these transactions.
 $\begin{array}{cl}
\text{May 4} & \text{Haladam purchased 600 shares of Cob Company stock at \$ 120 per share plus a \$ 750}\
&\text{brokerage fee.}\
\text{July 1}& \text{Haladam received a \$ 2.50 per share cash dividend on the Cob Company stock.}\
\text{Sept. 15} &\text{Sold 300 shares of the Cob Company stock for \$ 125 per share, less a \$ 450}\ 
&\text{brokerage fee.}\
\text{Dec. 31}& \text{The market value of the Cob Company stock (the only investment that Haladam}\
&\text{owns) is \$124 per share. The balance of the Market Adjustment - Trading a zero}\ 
&\text{balance prior to adjustment.}
\end{array}$

Quizplus · Accepted Answer

The Answer of Haladam Company had the following transactions relating to investments in trading securities during the year.Prepare the required general journal entries for these transactions.
 $\begin{array}{cl}
\text{May 4} & \text{Haladam purchased 600 shares of Cob Company stock at \$ 120 per share plus a \$ 750}\
&\text{brokerage fee.}\
\text{July 1}& \text{Haladam received a \$ 2.50 per share cash dividend on the Cob Company stock.}\
\text{Sept. 15} &\text{Sold 300 shares of the Cob Company stock for \$ 125 per share, less a \$ 450}\ 
&\text{brokerage fee.}\
\text{Dec. 31}& \text{The market value of the Cob Company stock (the only investment that Haladam}\
&\text{owns) is \$124 per share. The balance of the Market Adjustment - Trading a zero}\ 
&\text{balance prior to adjustment.}
\end{array}$

Haladam Company Had the Following Transactions Relating to Investments in Trading