On April 1, Smith Company buys 4,000 shares of Porter common stock for $60,000, plus brokerage fees of $1,200. On October 1, Smith sells 1,000 shares of Porter stock for $20,000, less brokerage fees of $500.
Instructions
Prepare journal entries for the purchase and sale of the Porter common stock.

Question

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The Answer of On April 1, Smith Company buys 4,000 shares of Porter common stock for $60,000, plus brokerage fees of $1,200. On October 1, Smith sells 1,000 shares of Porter stock for $20,000, less brokerage fees of $500.
Instructions
Prepare journal entries for the purchase and sale of the Porter common stock.

On April 1, Smith Company Buys 4,000 Shares of Porter