On February 1, Rinehart Company purchased 500 shares (2% ownership) of Givens Company common stock for $32 per share. On March 20, Rinehart Company sold 100 shares of Givens stock for $2,900. Rinehart received a dividend of $1.00 per share on April 25. On June 15, Rinehart sold 200 shares of Givens stock for $7,600. On July 28, Rinehart received a dividend of $1.25 per share. 

Instructions 

Prepare the journal entries to record the transactions described above.

Answer rating: 100% (QA)

Date Account Titles and Explanation Debit credit Feb 1 Stock Investment 16000 Cash 16000 Mar ... View the full answer