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On February 15, Jewel Company buys 7900 shares of Marcelo Corp. common stock at $28.62 per share plus a brokerage fee of $400 The stock

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On February 15, Jewel Company buys 7900 shares of Marcelo Corp. common stock at $28.62 per share plus a brokerage fee of $400 The stock is classified as available-for-sale securities. This is the company's first and only investment in available-for-sale securities. On March 15, Marcelo Corp. declares a dividend of $1.24 per share payable to stockholders of record on April 15. Jewel Company recelved the dividend on April 15 and ultimately sells half of the Marcelo Corp, stock on November 17 of the current year for $29.39 per share less a brokerage fee of $250. The journal entry to record the dividend on April 15 is: Multiple Choice Debit Cash $9,796; credit Dividend Revenue $9,796. Debit Cash $8,955; credit Dividend Revenue $8.955 O Debit Cash $8.955, credit Dividend Revenue $8.ss Debit Cash $9,796, credit Interest Revenue $9,796. Debit Cash $8,955; credit Interest Revenue $8,955 Debit Cash $9,796; credit Gain on Sale of Investments $9,796. K Prev50 of 56 Next >

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