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
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
Section: Chapter Questions
Problem 8E
Related questions
Question
Entries for Stock Investments, Dividends, and Sale of Stock
Yerbury Corp. manufactures construction equipment.
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 |
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Financial Accounting
Accounting
ISBN:
9781305088436
Author:
Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Financial Accounting
Accounting
ISBN:
9781305088436
Author:
Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
Excel Applications for Accounting Principles
Accounting
ISBN:
9781111581565
Author:
Gaylord N. Smith
Publisher:
Cengage Learning
College Accounting, Chapters 1-27 (New in Account…
Accounting
ISBN:
9781305666160
Author:
James A. Heintz, Robert W. Parry
Publisher:
Cengage Learning