Yerbury Corp. manufactures construction equipment. Journalize the entries to record the following selected equity investment...

50.1K

Verified Solution

Question

Accounting

Yerbury Corp. manufactures construction equipment.

Journalize the entries to record the following selected equity investment transactions completed by Yerbury during a recent year:

Feb. 2 Purchased for cash 1,050 shares of Wong Inc. stock for $53 per share plus a $525 brokerage commission.
Mar. 16 Received dividends of $0.30 per share on Wong Inc. stock.
June 7 Purchased 650 shares of Wong Inc. stock for $60 per share plus a $325 brokerage commission.
July 26 Sold 1,200 shares of Wong Inc. stock for $65 per share less a $600 brokerage commission. Yerbury assumes that the first investments purchased are the first investments sold.
Sept. 25 Received dividends of $0.40 per share on Wong Inc. stock.

In your computations, round per share amounts to two decimal places. When required, round final answers to the nearest dollar. For a compound transaction, if an amount box does not require an entry, leave it blank.

Feb. 2 Investments-Wong Inc. Stock
Cash
Mar. 16 Cash
Dividend Revenue
June 7 Investments-Wong Inc. Stock
Cash
July 26 Cash
***Can someone explain how to get the answers here --> Gain on Sale of Investments
**--------------------------------------------------> Investments-Wong Inc. Stock
Sept. 25 Cash
Dividend Revenue

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