Transactions in Common Stock Investments
Not what you're looking for?
Please show the correct account description name & amount for each part of the question.
Wyrick Inc. had the following transactions pertaining to investments in common stock.
Jan 1 - Purchased 2,500 shares of Murphy Corporation common stock (5%) for $140,000 cash plus $2,100 broker's commission
July 1 - Received a cash dividend of $3 per share
Dec 1 - Sold 500 shares of Murphy Corporation common stock for $32,000 cash, less $800 broker's commission
Dec 31 - Received a cash dividend of $3 per share
Instructions: Journalize the transactions.
Purchase this Solution
Solution Summary
This solution prepares a journal entry for all transactions aforementioned, spanning from in January, July and December. It includes workings and calculations in the Excel file (see attachment).
Purchase this Solution
Free BrainMass Quizzes
Operations Management
This quiz tests a student's knowledge about Operations Management
Six Sigma for Process Improvement
A high level understanding of Six Sigma and what it is all about. This just gives you a glimpse of Six Sigma which entails more in-depth knowledge of processes and techniques.
Production and cost theory
Understanding production and cost phenomena will permit firms to make wise decisions concerning output volume.
Transformational Leadership
This quiz covers the topic of transformational leadership. Specifically, this quiz covers the theories proposed by James MacGregor Burns and Bernard Bass. Students familiar with transformational leadership should easily be able to answer the questions detailed below.
Basic Social Media Concepts
The quiz will test your knowledge on basic social media concepts.