Homework Answers
Number of shares sold = 1,400
Selling price per share = $53
Brokerage commission = $70
Cash received from sale of shares = Number of shares sold x Selling price per share - Brokerage commission
= 1,400 x 53 - 70
= $74,130
Loss on sale of investment = Cost of investment - Cash received from sale of shares
= 81,270-74,130
= $7,140
| Date | General Journal | Debit | Credit |
| Sept. 12 | Investments- Aspen company stock | 203,175 | |
| Cash | 203,175 | ||
| Oct. 15 | Cash | 4,200 | |
| Dividend revenue | 4,200 | ||
| Nov. 10 | Cash | 74,130 | |
| Loss on sale of investment | 7,140 | ||
| Investments- Aspen company stock | 81,270 |
Kindly comment if you need further assistance. Thanks‼!
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