Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Entries for Stock Investments, Dividends, and Sale of Stock Yerbury Corp. manufactures construction equipment. Journalize the entries to record the following selected equity investment transactions
Entries for Stock Investments, Dividends, and Sale of Stock
Yerbury Corp. manufactures construction equipment.
Journalize the entries to record the following selected equity investment transactions completed by Yerbury during a recent year:
| Feb. 2 | Purchased for cash 600 shares of Wong Inc. stock for $64 per share plus a $300 brokerage commission. |
| Mar. 16 | Received dividends of $0.30 per share on Wong Inc. stock. |
| June 7 | Purchased 400 shares of Wong Inc. stock for $74 per share plus a $200 brokerage commission. |
| July 26 | Sold 700 shares of Wong Inc. stock for $79 per share less a $350 brokerage commission. Yerbury assumes that the first investments purchased are the first investments sold. |
| Sept. 25 | Received dividends of $0.40 per share on Wong Inc. stock. |
In your computations, round per share amounts to two decimal places. When required, round final answers to the nearest dollar. For a compound transaction, if an amount box does not require an entry, leave it blank.
| Feb. 2 | Investments-Wong Inc. Stock | ||
| Cash | |||
| Mar. 16 | Cash | ||
| Dividend Revenue | |||
| June 7 | Investments-Wong Inc. Stock | ||
| Cash | |||
| July 26 | Cash | ||
| Gain on Sale of Investments | |||
| Investments-Wong Inc. Stock | |||
| Sept. 25 | |||
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started