Instructions: Prepare the journal entries to record the above transactions. Johnson Inc. had the following transactions for January:
Instructions: Prepare the journal entries to record the above transactions. Johnson Inc. had the following transactions for January: 1. Purchased marketable securities in Smith Company for $100,000 cash. 2. Purchased 1,000 shares of Parker Co. for $55,000 as a long term investment. Parker has 10,000 outstanding shares issued and outstanding). 3. Purchased 10,000 shares of Drew Co. for $176,000 as a long term investment. Drew […]
