Wyrick Inc. had the following transactions pertaining to investments in common stock . Jan. 1 Purchased 2,500
Question:
Wyrick Inc. had the following transactions pertaining to investments in common stock.
Jan. 1 Purchased 2,500 shares of Murphy Corporation common stock (5%) for $140,000 cash plus $2,100 broker’s commission.
July 1 Received a cash dividend of $3 per share.
Dec. 1 Sold 500 shares of Murphy Corporation common stock for $32,000 cash, less $800 broker’s commission.
Dec. 31 Received a cash dividend of $3 per share.
Instructions
Journalize the transactions.
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on... Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may... Dividend
A dividend is a distribution of a portion of company’s earnings, decided and managed by the company’s board of directors, and paid to the shareholders. Dividends are given on the shares. It is a token reward paid to the shareholders for their...
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Jan 1 Stock Investments 142100 Cash 140000 2100 142100 Ju...View the full answer
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Related Book For 
Accounting Principles
ISBN: 978-0470533475
9th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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