Prepare General Journal Entries to Record the Following Transactions for the Chocolate

question 15

Essay

Prepare general journal entries to record the following transactions for The Chocolate Factory in its first year of operations:
(a)On May 4,as a short term investment,purchased 500 shares of Power Corp.,paying a $500 brokerage fee.
(b)On July 1,received $2.00 per share cash dividend on the Power Corp.shares.
(c)On September 15,sold 300 Power Corp.shares for $120 per share,incurring a $500 brokerage fee.
(d)The December 31 fair value of the company's short term investmentin Power Corp revealed a $2,000 unrealized gain.

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Definitions:

Vectors

Quantities that have both magnitude and direction, used to represent physical properties such as force or velocity.

Magnitude

A measure of the size or extent of something, often used in reference to earthquakes or the brightness of stars.

°

A symbol denoting degrees, used to measure angles, temperature, or denote the order of a polynomial or differential equation but is not a key term by itself. NO.

Parallelogram Method

A method of determining vector angles.