22 Feb Investments in StockTrendy Supercenter occasionall
Investments in StockTrendy Supercenter occasionally finds itself with excess cash to invest and consequentlyentered into the following transactions during 2008:Jan. 15: Purchased 100 shares of IBM common stock at $130 per share, plus $250 in commissions.May 23: Received dividends of $1 per share on the IBM stock.June 1: Purchased 200 shares of General Motors stock at $60 per share, plus $300 in commissions.Oct. 20: Sold all of the IBM stock at $140 per share, less commissions of $400.Dec. 15: Received notification from General Motors that a $0.75 per share dividend had beendeclared. The checks will be mailed to stockholders on January 10, 2009.RequiredPrepare journal entries on the books of Trendy Supercenter during 2008 to record these transactions,including any necessary entry on December 15 when the dividend was declared.
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