Question
Yerbury Corp. manufactures construction equipment. Journalize the entries to record the following selected equity investment transactions completed by Yerbury during 2016. Refer to the Chart
Yerbury Corp. manufactures construction equipment. Journalize the entries to record the following selected equity investment transactions completed by Yerbury during 2016. Refer to the Chart of Accounts for exact wording of account titles. When required, round your answers to the nearest dollar.
Feb. 2 Purchased for cash 5,300 shares of Wong Inc. stock for $20 per share plus a $110 brokerage commission.
Mar. 6 Received dividends of $0.30 per share on Wong Inc. stock.
June 7 Purchased 2,000 shares of Wong Inc. stock for $26 per share plus a $125 brokerage commission.
July 26 Sold 6,000 shares of Wong Inc. stock for $35 per share less a $100 brokerage commission. Yerbury assumes that the first investments purchased are the first investments sold.
Sept. 25 Received dividends of $0.40 per share on Wong Inc. stock.
Step by Step Solution
3.34 Rating (145 Votes )
There are 3 Steps involved in it
Step: 1
Title Calculation Debit Credit Feb 2 InvestmentsWong Inc stock 53002011...Get Instant Access to Expert-Tailored 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