Exercise 12-4 (Part Level Submission) Hulse Company had the following transactio

Question

Exercise 12-4 (Part Level Submission) Hulse Company had the following transactions pertaining to stock investments. Feb. 1 July 1 Sept. 1 Dec. 1 Purchased 520 shares of Wade common stock (2%) for $6,240 cash Received cash dividends of $1 per share on Wade common stock. Sold 240 shares of Wade common stock for $3,307 Received cash dividends of $3 per share on Wade common stock. (a) Your answer is partially correct. Try again. Journalize the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit Feb. 1 Debt Investments 6,240 Cash 6,240 uly 1 Cash 520 Dividend Revenue 520 Sept. 1 Cash 3,307 Debt Investments 2,607 Gain on Sale of Debt In 700 Dec. 1 Cash 300 Dividend Revenue 300

Explanation / Answer

Feb-01 Stock investments 6240         Cash 6240 Jul-01 Cash 520       Dividend revenue 520 Sep-01 Cash 3307        Stock investments 2880 =6240/520*240        Gain on sales of Stock investments 427 Dec-01 Cash 840 =(520-240)*3       Dividend revenue 840

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