On September 12, 2,400 shares of Aspen Company are acquired at a price of $39.00 per share plus a $120 brokerage commission. On October 15, a $1.10-per-share dividend was received on the Aspen Company stock. On November 10, 960.00 shares of the Aspen Company stock were sold for $34 per share less a $48 brokerage commission.

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.

Prepare the journal entries for the original purchase, the dividend, and the sale under the cost method.

Answer rating: 100% (QA)

JOURNAL ENTRY DATE ACCOUNTS EXPLANATION DEBIT CREDIT SEP 12 INVESTMENTASPEN ... View the full answer