1. On March 22, purchased 770 shares of RPI Company stock at $21 per share. Duke's stock investment results in it having an insignificant influence over RPI.
2. On July 1, received a $1 per share cash dividend on the RPI stock purchased in part a.
3. On October 8, sold 385 shares of RPI stock for $31 per share.

Prepare journal entries to record the given transactions involving the short-term stock investments of Duke Company, all of which occurred during the current year.

Transcribed Image Text:

View transaction list Journal entry worksheet 1 2 3 On March 22, purchased 770 shares of RPI Company stock at $21 per share. Duke's stock investment results in it having an insignificant influence over RPI. Note: Enter debits before credits. Transaction a. General Journal Debit Credit Record entry Clear entry View general journal View transaction list Journal entry worksheet 1 2 3 On March 22, purchased 770 shares of RPI Company stock at $21 per share. Duke's stock investment results in it having an insignificant influence over RPI. Note: Enter debits before credits. Transaction a. General Journal Debit Credit Record entry Clear entry View general journal

Answer rating: 100% (QA)

Journal Entry March 22 Debit Investment in RPI Stock Ac 16170 Cr... View the full answer