EX 13-7 in 2016: Mar. 4. Purchased 4,000 shares of Jas Company for a price of $5
ID: 2578267 • Letter: E
Question
EX 13-7 in 2016: Mar. 4. Purchased 4,000 shares of Jas Company for a price of $50 per share plus a May 12. Received a quarterly dividend of $0.75 per share on the Jas Company Entries for investment in stock, receipt of dividends, and sale of shares oBJ.3 sale The following equity investment transactions were completed by Chung Company 15 brokerage commission of $100. investment. June 17. Sold 1,400 shares for a price of $44 per share less a brokerage commission of $80. Journalize the entries for these transactions.Explanation / Answer
Journal entries:
Date
Particulars
Debit
Credit
Mar-04
investment in jas company(4000*50+100)
$200,100
To cash
$200,000
May-12
cash
$3,000
to dividend revenue (4000*0.75)
$3,000
Jun-17
cash (1400*44-80)
$61,520
loss on sale of investment
$8,515
to investment in jas company(1400/4000*200,100)
$70,035
Date
Particulars
Debit
Credit
Mar-04
investment in jas company(4000*50+100)
$200,100
To cash
$200,000
May-12
cash
$3,000
to dividend revenue (4000*0.75)
$3,000
Jun-17
cash (1400*44-80)
$61,520
loss on sale of investment
$8,515
to investment in jas company(1400/4000*200,100)
$70,035
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