Try another version of this question Question 1
On March 1, 2020, Shortsleeve Corp. invests $23,083 in the stock of Weiner, Inc.
Weiner, Inc. pays Shortsleeve Corp. a dividend on August 1, 2020 for $10,000.
Shortsleeve Corp. sells Weiner, Inc. stock on August 31, 2020, for $23,833. The Investment is categorized as a trading investment.
Date Description Debit Credit March 1 March 1 August 1 August 1 August 31 August 31 August 31 Date Description Debit Credit March 1 Short-Term Investments-Trading 23,083 March 1 Cash 23,083 August 1 Cash 10,000 August 1 Dividend Revenue 10,000 August 31 Cash 23,833 August 31 Short-Term Investments-Trading 23,083 August 31 Gain on Disposal 750