Entries for Stock Investments, Dividends, and Sale of Stock Yerbury Corp. manufactures construction equipment. Journalize the entries to record the following selected equity investment transactions completed by Yerbury during a recent year: Feb. 2 Purchased for cash 550 shares of Wong Inc. stock for $41 per share plus a $275 brokerage commission. Mar. 16 Received dividends of $0.20 per share on Wong Inc. stock. June 7 Purchased 350 shares of Wong Inc. stock for $53 per share plus a $175 brokerage commission. July 26 Sold 600 shares of Wong Inc. stock for $57 per share less a $300 brokerage commission. Yerbury assumes that the first investments purchased are the first investments sold. Sept. 25 Received dividends of $0.30 per share on Wong Inc. stock. In your computations, round per share amounts to two decimal places. When required, round final answers to the nearest dollar. For a compound transaction, if an amount box does not require an entry, leave it blank.   Feb. 2 Investments-Wong Inc. Stock  fill in the blank 2     Cash    fill in the blank 4 Mar. 16 Cash  fill in the blank 6     Dividend Revenue    fill in the blank 8 June 7 Investments-Wong Inc. Stock  fill in the blank 10     Cash    fill in the blank 12 July 26 Cash  fill in the blank 14 fill in the blank 15   Gain on Sale of Investments  fill in the blank 17 fill in the blank 18   Investments-Wong Inc. Stock  fill in the blank 20 fill in the blank 21 Sept. 25 Cash  fill in the blank 23     Dividend Revenue    fill in the blank 25

Financial Accounting
14th Edition
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Carl Warren, Jim Reeve, Jonathan Duchac
Chapter15: Investments And Fair Value Accounting
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Problem 8E
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Entries for Stock Investments, Dividends, and Sale of Stock

Yerbury Corp. manufactures construction equipment.

Journalize the entries to record the following selected equity investment transactions completed by Yerbury during a recent year:

Feb. 2 Purchased for cash 550 shares of Wong Inc. stock for $41 per share plus a $275 brokerage commission.
Mar. 16 Received dividends of $0.20 per share on Wong Inc. stock.
June 7 Purchased 350 shares of Wong Inc. stock for $53 per share plus a $175 brokerage commission.
July 26 Sold 600 shares of Wong Inc. stock for $57 per share less a $300 brokerage commission. Yerbury assumes that the first investments purchased are the first investments sold.
Sept. 25 Received dividends of $0.30 per share on Wong Inc. stock.

In your computations, round per share amounts to two decimal places. When required, round final answers to the nearest dollar. For a compound transaction, if an amount box does not require an entry, leave it blank.

 

Feb. 2 Investments-Wong Inc. Stock  fill in the blank 2  
  Cash    fill in the blank 4
Mar. 16 Cash  fill in the blank 6  
  Dividend Revenue    fill in the blank 8
June 7 Investments-Wong Inc. Stock  fill in the blank 10  
  Cash    fill in the blank 12
July 26 Cash  fill in the blank 14 fill in the blank 15
  Gain on Sale of Investments  fill in the blank 17 fill in the blank 18
  Investments-Wong Inc. Stock  fill in the blank 20 fill in the blank 21
Sept. 25 Cash  fill in the blank 23  
  Dividend Revenue    fill in the blank 25
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