Question
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 1,150 shares of Wong Inc. stock for $38 per share plus a $575 brokerage commission. |
| Mar. 16 | Received dividends of $0.20 per share on Wong Inc. stock. |
| June 7 | Purchased 800 shares of Wong Inc. stock for $49 per share plus a $400 brokerage commission. |
| July 26 | Sold 1,300 shares of Wong Inc. stock for $55 per share less a $650 brokerage commission. Yerbury assumes that the first investments purchased are the first investments sold. |
| Sept. 25 | Received dividends of $0.30 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 | fill in the blank 2 | |
| Cash | fill in the blank 4 | ||
| Mar. 16 | Cash | fill in the blank 6 | |
| Dividend Revenue | fill in the blank 8 | ||
| June 7 | Investments-Wong Inc. Stock | fill in the blank 10 | |
| Cash | fill in the blank 12 | ||
| July 26 | Cash | fill in the blank 14 | fill in the blank 15 |
| Gain on Sale of Investments | fill in the blank 17 | fill in the blank 18 | |
| Investments-Wong Inc. Stock | fill in the blank 20 | fill in the blank 21 | |
| Sept. 25 | Cash | fill in the blank 23 | |
| Dividend Revenue | fill in the blank 25 |
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Auditing A Complete Guide Practical Tools For Self Assessment
Authors: Gerardus Blokdyk
1st Edition
0655424571, 978-0655424574
