Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. 16 on february 12, addison, inc. purchased 6,000

16 On February 12, Addison, Inc. purchased 6,000 shares of Lucas Company at $22...

80.2K

Verified Solution

Question

Accounting

16

On February 12, Addison, Inc. purchased 6,000 shares of Lucas Company at $22 per share plus a $240 brokerage fee. On August 22, Lucas paid a dividend per share of $0.42. On November 10, 4,000 shares of Lucas stock were sold for $28 per share less a $160 brokerage fee. The journal entry to record the purchase would include a

a. debit to InvestmentsLucas Company Stock for $132,240

b. credit to InvestmentsLucas Company Stock for $240

c. debit to InvestmentsLucas Company Stock for $132,000

d. credit to Cash for $132,000

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Basic Math
1.2K views

The given data represent the total compensation for 10 randomly selected CEOs and their? company's stock...

Biology
1.2K views

What is the basis for “pin” and “thrum” flowers in SI plants?  You may use a carefully...

Medical Sciences
1.2K views

1. If a drug was taken that blocked sodium reabsorption, what changes (if any) would be...

Biology
1.2K views

Describe these two techniques: co-immunoprecipitation and sandwich ELISA. For each technique, be sure to explain its...

Finance
1.2K views

Amazon Inc. 1) Determine what generic strategy your company seems to be following, and determine whether the...

Physics
1.2K views

Consider two semi infinite flat plates lying parallel to the ry plane at z d...

Algebra
1.2K views

5 Jake invested a sum of money for 6 years at a simple interest rate...

Accounting
1.2K views

a. Compute the rate and efficiency variances. b. In the past, the 35...

Accounting
1.2K views

Current Attempt in Progress Presented below are the components in determining cost of goods sold....

Accounting
1.2K views

A company has net sales of $861,000 and cost of goods sold of $571,000. Its...

Accounting
1.2K views

Use the following consolidated balance sheet for Campbell Soup Company annual report. CAMPBELL SOUP COMPANY...

Accounting
1.2K views

Using Interrelations of Financial Statements Answer each of the following separate questions. a. Given comprehensive...