Question
Marigold Company had these transactions pertaining to stock investments: Feb. 1 Purchased 2120 shares of Flint Company (10%) for $54060 cash. June 1 Received cash
Marigold Company had these transactions pertaining to stock investments: Feb. 1 Purchased 2120 shares of Flint Company (10%) for $54060 cash. June 1 Received cash dividends of $2 per share on Flint stock. Oct. 1 Sold 1210 shares of Flint stock for $32670. The entry to record the receipt of the dividends on June 1 would include a
credit to Stock Investments for $4240.
debit to Stock Investments for $4240.
debit to Dividend Revenue for $4240.
credit to Dividend Revenue for $4240.
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
Auditing Cases An Active Learning Approach
Authors: Mark S. Beasley, Frank A. Buckless, Steven M. Glover, Douglas F. Prawitt
2nd Edition
0130674842, 978-0130674845
