IThe foliowing information applies to the questions displayed below On March 1,

Question

IThe foliowing information applies to the questions displayed below On March 1, 2016, Rain Technology purchased 9,200 shares of Lightycar Servicos Company for $21 per share. The following information applies to the stock price of Lightyear Servicos 1231 2016 12/31 2017 12/31 2018 19 25 Required infomation 1.50 points Required: 1. Prepare joumal entrics to record the facts in the case, assuming that Rain purchased the sharos for the trading securities portfolio. (If no entry is required for a transaction/event, select"No journal entry required" in the first account field.) View transaction lIst Journal entry worksheet Record the appropriate journal entry on March 01, 2016. Note: Fnter dehits before credits. Date General Journal Debit Credit

Explanation / Answer

Answer 1) purchase share for trading securities portfolio :

Jounral Entry :

No entry will be made on changes of price of share in case trading securities portfolio.

Answer 2) purchase share for available for sale securities portfolio :

Date Particulars Debit Credit 1 March 2016 Investment in Shares A/C $193200 To Cash A/C $193200 (Purchase of shares)

Related Questions

Navigate

• Browse (All)
• Browse I
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.