Prepare the journal entries for the original purchase, the dividend, and the sale under the cost method.
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A: Prepare the journal entries for the original purchase:
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On September 12, 3,800 shares of Aspen Company are acquired at a price of $43.00 per share plus a $190 brokerage commission. On October 15, a $1.10-per-share dividend was received on the Aspen Company stock. On November 10, 1,520.00 shares of the Aspen Company stock were sold for $36 per share less a $76 brokerage commission.
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.
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- On September 12, 2,600 shares of Aspen Company are acquired at a price of $48.00 per share plus a $130 brokerage commission. On October 15, a $1.00-per-share dividend was received on the Aspen Company stock. On November 10, 1,040.00 shares of the Aspen Company stock were sold for $43 per share less a $52 brokerage commission. 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. Prepare the journal entries for the original purchase, the dividend, and the sale under the cost method. Sept. 12 Investments-Aspen Company Stock fill in the blank 2 Cash fill in the blank 4 Oct. 15 Cash fill in the blank 6 fill in the blank 8 Nov. 10 fill in the blank 10 fill in the blank 11 fill in the blank 13 fill in the blank 14On September 12, 3,800 shares of Aspen Company are acquired at a price of $60.00 per share plus a $190 brokerage commission. On October 15, a $1.00-per-share dividend was received on the Aspen Company stock. On November 10, 1,520.00 shares of the Aspen Company stock were sold for $54 per share less a $76 brokerage commission. 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. Prepare the journal entries for the original purchase, the dividend, and the sale under the cost method.On February 22, Stewart Corporation acquired 2,400 shares of the 85,000 outstanding shares of Edwards Co. common stock at $39.90 plus commission charges of $240. On June 1, a cash dividend of $0.75 per share was received. On November 12, 800 shares were sold at $48 less commission charges of $96. In your computations, round per share amounts to two decimal places. When required, round final answers to the nearest dollar. a. Using the cost method, journalize the entry for the purchase of stock. Feb. 22 fill in the blank f30290ff0040fa0_2 fill in the blank f30290ff0040fa0_4 b. Using the cost method, journalize the entry for the receipt of dividends. June 1 fill in the blank 32bfc3f39f9dfaa_2 fill in the blank 32bfc3f39f9dfaa_4 c. Using the cost method, journalize the entry for the sale of 800 shares. For a compound transaction, if an amount box does not require an entry, leave it blank. Nov. 12 fill in the blank…
- On February 22, Stewart Corporation acquired 3,300 shares of the 115,000 outstanding shares of Edwards Co. common stock at $35.85 plus commission charges of $495. On June 1, a cash dividend of $0.60 per share was received. On November 12, 1,100 shares were sold at $43 less commission charges of $132. In your computations, round per share amounts to two decimal places. When required, round final answers to the nearest dollar. a. Using the cost method, journalize the entry for the purchase of stock. b. Using the cost method, journalize the entry for the receipt of dividends. c. Using the cost method, journalize the entry for the sale of 1,100 shares. For a compound transaction, if an amount box does not require an entry, leave it blank.On February 22, Stewart Corporation acquired 7,500 shares of the 265,000 outstanding shares of Edwards Co. common stock at $39.85 plus commission charges of $1,125. On June 1, a cash dividend of S0.85 per share was received. On November 12, 2,500 shares were sold at $48 less commission charges of $300. In your computations, round per share amounts to two decimal places. When required, round final answers to the nearest dollar. a. Using the cost method, journalize the entry for the purchase of stock. Feb. 22 Investments-Edwards Co. Stock CashOn January 23, 15,000 shares of Tolle Company are acquired at a price of $25 per share plus a $145 brokerage commission. On April 12, a $0.30-per-share dividend was received on the Tolle Company stock. On June 10, 6,200 shares of the Tolle Company stock were sold for $34 per share less a $130 brokerage commission. Prepare the journal entries for the original purchase, the dividend, and the sale under the cost method. Refer to the Chart of Accounts for exact wording of account titles. When required, round your answers to the nearest dollar.
- Assume that on February 12, First Union Co. purchases for cash 6,000 shares of Gilbert Co. stock at a price of $22 per share plus a $240 brokerage fee. On April 22, a $0.42- per-shares dividend was received on the Gilbert Co. stock. On May 10, 4,000 shares of the Gilbert Co. stock was sold for $28 per share less a $160 brokerage fee. What accounts would be debited on February 12 for the purchase of the 6,000 shares of Gilbert Stock? DATE DESCRIPTION PREF DEBIT CREDIT Feb. 12 (?) $132,240 (?) $132,240 Investments – Gilbert Co. Stock Dividend receivable Cash Dividend revenueAssume that on February 12, First Union Co. purchases for cash 6,000 shares of Gilbert Co. stock at a price of $22 per share plus a $240 brokerage fee. On April 22, a $0.42- per-shares dividend was received on the Gilbert Co. stock. On May 10, 4,000 shares of the Gilbert Co. stock was sold for $28 per share less a $160 brokerage fee. What accounts would be credited on February 12 for the purchase of the 6,000 shares of Gilbert Stock? DATE DESCRIPTION PREF DEBIT CREDIT Feb. 12 (?) $132,240 (?) $132,240 Investments – Gilbert Co. Stock Dividend receivable Cash Dividend revenueOn September 14, 10,000 shares of Grey Company are acquired at a price of $100 per share plus a $500 brokerage fee. DATE Debit Credit X/X b) On October 15, a $0.50-per-share dividend was received on the Grey Company stock. DATE Debit Credit X/X c) On November 10, 1,500 shares of the Grey Company stock were sold for $115 per share less a $50 brokerage fee. DATE Debit Credit X/X
- On January 23, 10,000 shares of tolle company are acquired at a price of $30 per share plus a $100 brokerage commission. On April 12, a $0.50 per share dividend was received on the tolle company stock. On June 10, 4,000 shares of the tolle company stock were sold for $34 per share less a $100 brokerage commission. PrepareOn February 22, Stewart Corporation acquired 12,000 shares of the 400,000 outstanding shares of Edwards Co. common stock at $50 plus commission charges of $120. On June 1, a cash dividend of $1.40 per share was received. On November 12, 4,000 shares were sold at $62 less commission charges of $100. Using the cost method, journalize the entries for (a) the purchase of stock, (b) the receipt of dividends, and (c) the sale of 4,000 shares. Refer to the Chart of Accounts for exact wording of account titles.On February 12, Addison, Inc. purchased 6,000 shares of Lucas Company at $22 per share plus a $240 brokerage fee. This purchase represents less than 20% ownership of Lucas Company. 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. Required: Prepare the journal entries for the original purchase, dividend, and sale. If an amount box does not require an entry, leave it blank. Feb. 12 Aug. 22 Nov. 10
