Brief Exercise 145 Jenner Company had the following transactions pertaining to i

Question

Brief Exercise 145 Jenner Company had the following transactions pertaining to its short-term stock investments. Jan. 1 Purchased 600 shares of Pork Company stock for $8,420. June 1 Received cash dividends of $0.60 per share on the Pork Company stock. Sept. 15 Sold 300 shares of the Pork Company stock for $3,400 Cash. Dournalize the transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually) Date Account Titles and Explanation Debit Credit Jan. 1 June 1 Sept. 15

Explanation / Answer

Date    Particulars                                                            Debit               Credit

Jan1. Stock Investments                                                  $8,420

            To Cash                                                                                    $8,420

(To record purchase of 600 shares of Pork Company stock)

June1. Cash                                                                    $ 360

               To Dividend Revenue                                                               $360

(To record receipt of cash dividend)

Sept.15   Cash                                                                  $3400

              Loss on Sale of Stock Investments                        $810

           To Stock Investments          $ 4210

                    (To record loss on sale of investment (8420/2=4210-3400=$810)                      

Related Questions

Navigate

• Browse (All)
• Browse B
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.