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On August 1, Teal Mountain Finance Inc. buys 3,500 Datawave common shares for trading purposes for $133,000 cash. On October 15, Teal Mountain receives a
On August 1, Teal Mountain Finance Inc. buys 3,500 Datawave common shares for trading purposes for $133,000 cash. On October 15, Teal Mountain receives a cash dividend of $2.25 per share from Datawave. On December 1, Teal Mountain sells the shares for $140,000 cash. a Prepare the journal entry to record the purchase of the shares. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit Aug. 1 (To record purchase of investment.) Prepare the journal entry to record the receipt of the dividend. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit Oct. 15 (Collection of dividend.) Prepare the journal entry to record the sale of the shares. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter Ofor the amounts.) Date Account Titles and Explanation Debit Credit Dec. 1 (To record sale of investment.)
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