Prepare Hertog Company’s journal entries to reflect the following transactions f

Question

Prepare Hertog Company’s journal entries to reflect the following transactions for the current year.

Sells 210 shares of its investment in Kraft stock at $57 per share. The broker’s commission on this sale is $155.

May 7 Purchases 210 shares of Kraft stock as a short-term investment in trading securities at a cost of $51 per share plus $310 in broker fees. June 6

Sells 210 shares of its investment in Kraft stock at $57 per share. The broker’s commission on this sale is $155.

Journal entry worksheet 2 Record the purchase of 210 shares of Kraft stock as a short-term investment in trading securities at a cost of $51 per share plus $310 in broker fees. Note: Enter debits before credits. Date General Journal DebitCredit May 07 Record entry Clear entry View general journal

Explanation / Answer

short term investment dr. 10710

commission dr. 310

bank cr.11020

bank dr. 11815

commission dr. 155

Short term investemnts cr. 10710

Profit on sale cr. 1260

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