blems eBook Show Me How Entries for investment in stock, receipt of dividends, a

Question

blems eBook Show Me How Entries for investment in stock, receipt of dividends, and sale of shares Journal AL Instructions The following equity investment transactions were completed by Romero Company during a recent yea Purchased 4,900 shares of Dixon Company for a price of $53 per share plus a brokerage commission of $85 Received a quarterly dividend of $0.80 per share on the Dixon Company investment. Sold 1,300 shares for a price of $40 per share less a brokerage commission of $85. Apr. 10 AL. July 8 Sept. 10 Journalize the entries for these transactions. Refer to the Chart of Accounts for exact wording of account tities. When required, round your answers to the nearest dolla Pre Next Check My Work 2 more Check My Work uses remaining 542 PM 12/11/2017

Explanation / Answer

journal entry Date accounting titles & explanations debit credit 10-Apr investment 259785 cash (4900*53+85) 259,785 8-Jul cash 3920 dividend income (4900*.80) 3,920 10-Sep cash (1300*40 - 85) 51915 loss on sale of investment 17008 investment (259785/4900)*1300 68923

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