Yerbury Corp. manufactures construction equipment. Journalize the entries to record the following selected equity investment transactions completed
Question:
Yerbury Corp. manufactures construction equipment. Journalize the entries to record the following selected equity investment transactions completed by Yerbury during 2016:
Feb. 2. Purchased for cash 5,300 shares of Wong Inc. stock for $20 per share plus a $110 brokerage commission.
Mar. 6. Received dividends of $0.30 per share on Wong Inc. stock.
June 7. Purchased 2,000 shares of Wong Inc. stock for $26 per share plus a $120 brokerage commission.
July 26. Sold 6,000 shares of Wong Inc. stock for $35 per share less a $100 brokerage commission. Yerbury assumes that the first investments purchased are the first investments sold.
Sept. 25. Received dividends of $0.40 per share on Wong Inc. stock.
Step by Step Answer:
Financial and Managerial Accounting
ISBN: 978-1285866307
13th edition
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac