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Crane Company had the following transactions pertaining to its short-term stock investments. Jan. 1 June 1 Sept. 15 Dec. 1 Purchased 1,200 shares of Cullumber
Crane Company had the following transactions pertaining to its short-term stock investments. Jan. 1 June 1 Sept. 15 Dec. 1 Purchased 1,200 shares of Cullumber Company stock for $14,000 cash. Received cash dividends of $0.60 per share on the Cullumber Company stock. Sold 480 shares of the Cullumber Company stock for $5,490. Received cash dividends of $0.60 per share on the Cullumber Company stock. Journalize the transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Jan. 1 Stock Investments 14000 Cash 14000 June 1 Cash 720 Dividend Revenue 720 Sept. 15 4 Cash 5490 Loss on Sale of Stock Investments 110 Stock Investments 5600 Dec. 1 Cash
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