Prepare jountal entries to record the following transactions involving the short
ID: 2357072 • Letter: P
Question
Prepare jountal entries to record the following transactions involving the short term securities investments of Blake Cok,, all of which occurred during year 2008.a. On Feb 15, paid 120,000 cash to purchase RTFs 90 day short term debt securities $120,000 principal, dated Feb 15, that pay 8% interest (categorized held-to maturity securites).
b. On March 22, purchased 700 shares of XIF Company stock at $27.50 per share plus a $150 brokerage fee. These shares are cateborized as trading securities.
Explanation / Answer
a. Date Dr $ Cr $ 15-Feb-08 RTFs Short term Debt Securities 120000 Cash 120000 (Being Short term securities purchased) b. 22-Mar-08 Stock in XIF company 19250 Brokarage 150 Cash 19400 (Being SIF stock purchased with brokarage) Date Dr $ Cr $ 15-Feb-08 RTFs Short term Debt Securities 120000 Cash 120000 (Being Short term securities purchased) b. 22-Mar-08 Stock in XIF company 19250 Brokarage 150 Cash 19400 (Being SIF stock purchased with brokarage)Thank you... Date Dr $ Cr $ 15-Feb-08 RTFs Short term Debt Securities 120000 Cash 120000 (Being Short term securities purchased) b. 22-Mar-08 Stock in XIF company 19250 Brokarage 150 Cash 19400 (Being SIF stock purchased with brokarage)