Hungh Company Had the Following Transactions Pertaining to Short-Term Investments

question 169

Essay

Hungh Company had the following transactions pertaining to short-term investments in equity securities.
Jan. 1 Purchased 1500 shares of Antuni Company stock for $9500 cash.
June 1 Received cash dividends of $.40 per share on Antuni Company stock.
Sept. 15 Sold 375 shares of Antuni Company stock for $2300 less brokerage fees of $100.
Dec. 1 Received cash dividends of $.80 per share on Antuni Company stock.
Instructions
(a) Journalize the transactions.
(b) Indicate the income statement effects of the transactions.

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Definitions:

Copper Mines

Sites where copper ore is extracted from the Earth, typically through open pit or underground mining methods.

Iron Mines

Locations or operations where iron ore is extracted from the earth, typically through open pit or underground mining techniques.

Precipitation

Any form of water, liquid or solid, that falls from clouds and reaches the ground, including rain, snow, sleet, and hail.

Geologic Histories

The study and documentation of Earth's past based on the analysis of rocks, fossils, and other geological data.