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 1,000 shares of Wong Inc. stock for $40 per share plus a $500 brokerage commission. Mar. 16 Received dividends of $0.30 per share on Wong Inc. stock. June 7 Purchased 700 shares of Wong Inc. stock for $49 per share plus a $350 brokerage commission. July 26 Sold 1,200 shares of Wong Inc. stock for $53 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 fill in the blank 2 Cash fill in the blank 4 Mar. 16 Cash fill in the blank 6 Dividend Revenue fill in the blank 8 June 7 Investments-Wong Inc. Stock fill in the blank 10 Cash fill in the blank 12 July 26 Cash fill in the blank 14 fill in the blank 15 Gain on Sale of Investments fill in the blank 17 fill in the blank 18 Investments-Wong Inc. Stock fill in the blank 20 fill in the blank 21 Sept. 25 Cash fill in the blank 23 Dividend Revenue fill in the blank 25

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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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 1,000 shares of Wong Inc. stock for $40 per share plus a $500 brokerage commission.
Mar. 16	Received dividends of $0.30 per share on Wong Inc. stock.
June 7	Purchased 700 shares of Wong Inc. stock for $49 per share plus a $350 brokerage commission.
July 26	Sold 1,200 shares of Wong Inc. stock for $53 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	fill in the blank 2
	Cash		fill in the blank 4
Mar. 16	Cash	fill in the blank 6
	Dividend Revenue		fill in the blank 8
June 7	Investments-Wong Inc. Stock	fill in the blank 10
	Cash		fill in the blank 12
July 26	Cash	fill in the blank 14	fill in the blank 15
	Gain on Sale of Investments	fill in the blank 17	fill in the blank 18
	Investments-Wong Inc. Stock	fill in the blank 20	fill in the blank 21
Sept. 25	Cash	fill in the blank 23
	Dividend Revenue		fill in the blank 25

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