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(solution) Prepare Journal Entries for the following transactions involving


Prepare Journal Entries for the following transactions involving both the short term and long term investments of Cancun Corp., all of which occurred in the calendar year 2008. Use the account Short-Term Investments for any transactions that you determine are short term. A) On February 15, paid $160,000 cash to purchase American General's 90-day short-term notes at par, which are dated February 15th and pay 10% interest (classified as held-to-maturity) B) On March 22, bought 700 shares of Fran Industries common stock at $51cash per share plus a $150 brokerage fee (classified as long- term available for sale securities) C) on May 15, received a check from American General in payment of the principle and 90 days' interest on the notes purchased in transaction a D) on July 30, paid $100,000 cash to purchase MP3 electronics' 8% notes at par, dated July 30, 2008, and maturing on January 30, 2009 (classified as trading securities) E) on September 1, received a $1 per share cash dividend on the Fran Industries common stock purchased in transaction b F) on October 8, sold 350 shares of Fran Industries common stock for $64 cash per share, less a $125 brokerage fee G) On October 30 , received a check from MP3 electronics for three months' interest on the notes purchased in transaction D.

 


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