On March 1, 2011, Anya's Toy Store purchased Hasbro stock for $33,400 with the intent of selling the stock at a profit within a few months. On April 10, dividends of $1,075 were received from the Hasbro stock. On December 31, 2011, the end of Anya's Toy Store's calendar year, the Hasbro stock had a market value of $32,300. On January 3, 2012, Anya's Toy Store sold all of the Hasbro stock for $34,000.
Prepare the journal entries needed to record the transactions for 2011 and 2012.

Question

Quizplus · Accepted Answer

The Answer of On March 1, 2011, Anya's Toy Store purchased Hasbro stock for $33,400 with the intent of selling the stock at a profit within a few months. On April 10, dividends of $1,075 were received from the Hasbro stock. On December 31, 2011, the end of Anya's Toy Store's calendar year, the Hasbro stock had a market value of $32,300. On January 3, 2012, Anya's Toy Store sold all of the Hasbro stock for $34,000.
Prepare the journal entries needed to record the transactions for 2011 and 2012.

On March 1, 2011, Anya's Toy Store Purchased Hasbro Stock