Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

plz plz solve it before 20 min plz On August 1, Metlock Finance Inc, buys 2,400 Datawave common shares for trading purposes for $91,200 cash.

image text in transcribed

image text in transcribed

image text in transcribed

plz plz solve it before 20 min plz

On August 1, Metlock Finance Inc, buys 2,400 Datawave common shares for trading purposes for $91,200 cash. On October 15, Metlock receives a cash dividend of $2.75 per share from Datawave. On December 1, Metlock sells the shares for $96,000 cash. 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 for the amounts.) Debit Credit Date Account Titles and Explanation 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 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 for the amounts.) Debit Credit Date Account Titles and Explanation Dec. 1 o e ere to search Prepare the journal entry to record the sale of the shares. (Credit account titles are automatically indented wher entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the ar Date Account Titles and Explanation Debit Credit Dec. 1

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting For Risk In The Nhs

Authors: P. Fenn, S. Diacon, R. Hodges, P. Watson

2nd Edition

1859713491, 978-1859713495

More Books

Students also viewed these Accounting questions

Question

Describe the factors influencing of performance appraisal.

Answered: 1 week ago

Question

What is quality of work life ?

Answered: 1 week ago

Question

1. PricewaterhouseCoopers

Answered: 1 week ago

Question

3. SCC Soft Computer

Answered: 1 week ago