On January 5, 2021, Blacksmith Limited purchased the following portfolio of securities to be held for trading purposes:
300 McRae Corporation common shares for $ 4,200
500 Gupta Corporation common shares for $ 10,000
600 May Corporation common shares for $ 19,800
On June 30, 2021, Blacksmith received the following cash dividends: On November 15, 2021, Blacksmith sold 100 May Corporation common shares for $ 4,000.
On December 31, 2021, the market value of the securities held by Blacksmith is as follows: Per Share
$~~~$McRae Corporation commonshares ................................. $ 15
$~~~$Gupta Corporation common shares .................................. 18
$~~~$May Corporation common shares .................................... 35 Instructions
Prepare the appropriate journal entries that Blacksmith Limited should make on the following dates: January 5, 2021; June 30, 2021; November 15, 2021; and December 31, 2021.

Question

On January 5, 2021, Blacksmith Limited purchased the following portfolio of securities to be held for trading purposes:
300 McRae Corporation common shares for $ 4,200
500 Gupta Corporation common shares for $ 10,000
600 May Corporation common shares for $ 19,800
On June 30, 2021, Blacksmith received the following cash dividends:  On November 15, 2021, Blacksmith sold 100 May Corporation common shares for $ 4,000.
On December 31, 2021, the market value of the securities held by Blacksmith is as follows: Per Share
$~~~$McRae Corporation commonshares .................................  $ 15 
$~~~$Gupta Corporation common shares .................................. 18
$~~~$May Corporation common shares .................................... 35 Instructions
Prepare the appropriate journal entries that Blacksmith Limited should make on the following dates: January 5, 2021; June 30, 2021; November 15, 2021; and December 31, 2021.

Quizplus · Accepted Answer

The Answer of On January 5, 2021, Blacksmith Limited purchased the following portfolio of securities to be held for trading purposes:
300 McRae Corporation common shares for $ 4,200
500 Gupta Corporation common shares for $ 10,000
600 May Corporation common shares for $ 19,800
On June 30, 2021, Blacksmith received the following cash dividends:  On November 15, 2021, Blacksmith sold 100 May Corporation common shares for $ 4,000.
On December 31, 2021, the market value of the securities held by Blacksmith is as follows: Per Share
$~~~$McRae Corporation commonshares .................................  $ 15 
$~~~$Gupta Corporation common shares .................................. 18
$~~~$May Corporation common shares .................................... 35 Instructions
Prepare the appropriate journal entries that Blacksmith Limited should make on the following dates: January 5, 2021; June 30, 2021; November 15, 2021; and December 31, 2021.

On January 5, 2021, Blacksmith Limited Purchased the Following Portfolio ~~~

On January 5, 2021, Blacksmith Limited Purchased the Following Portfolio $~~~$