Blaine Company had these transactions pertaining to stock investments: Feb. 1 Pu
ID: 2486540 • Letter: B
Question
Blaine Company had these transactions pertaining to stock investments: Feb. 1 Purchased 2,000 shares of Norton Company (10 percentage) for percentage 51,000. June 1 Received cash dividends of percentage 2 per share on Horton stock. Oct. 1 Sold 1, 200 shares of Horton stock for percentage 33,000 less brokerage fees of percentage 600 The entry to record the sale of the stock would include a debit to Cash for percentage 32,400. credit to Gain on Sale of Stock Investments for percentage 1, 200. debit to Stock Investments for percentage 30,600. credit to Gain on Sale of Stock Investments for percentage 1,800.Explanation / Answer
The journal entry to record the sale of stock would be:
Cash Dr 32,400
Investment in Horton/Norton Shares 30,600
Gain on Sale of Stock investment 1,800
Note :
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