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Account Descriptions and Names

EDIT: FYI - All I need is the correct account description name & amount for each part of the question.

1) On February 1, Neil Company purchased 500 shares (2% ownership) of Young Company common stock for $30 per share plus brokerage fees of $400.

2) On March 20, Neil Company sold 100 shares of Young stock for $2,900 less a $50 brokerage fee.

3) Neil received a dividend of $1.00 per share on April 25.

4) On June 15, Neil sold 200 shares of Young stock for $7,400, less a $90 brokerage fee.

5)On July 28, Neil received a dividend of $1.25 per share.

Instructions:
Prepare the journal entries to record the transactions described above.

Solution Preview

1. Debit stock investments and credit cash for the amount of investment (500*30) plus brokerage fees.

Stock investment 15400
Cash 15400

2. credit stock investment for sales price less brokerage fees debit cash. We debit cash for amount received (2900-50). Credit stock ...

Solution Summary

It contains jounrla entries for stock dividend payouts, buying and selling of stock.

$2.19