On May 15, 2018, Greenwood Co. invests $ 15,000 in Jack, Inc. stock. Jack pays Greenwood...
On May 15, 2018, Greenwood Co. invests $ 15,000 in Jack, Inc. stock. Jack pays Greenwood a $ 800 dividend on November 15, 2018. Greenwood sells the Jack stock on December 10, 2018, for $ 14,850. Assume the Greenwood Co. does not have significant influence over Jack, Inc. Journalize the 2018 transactions related to Greenwood's investment in Jack stock.
1) Begin by journalizing Greenwood's initial investment in Jack Inc., stock on May 15,2018
Debit Credit
2) Next, journalize Greenwood's receipt of the November 15, 2018 dividend.
Debit Credit
3)Now journalize Greenwood's sale of the Jack Inc., stock on December 10, 2018.
Debit Credit
Homework Answers
| Debit | Credit | ||
| May 15,2018 | Investment in Jack, Inc. stock | 15000 | |
| Cash | 15000 | ||
| November 15, 2018 | Cash | 800 | |
| Dividend revenue | 800 | ||
| December 10, 2018 | Cash | 14850 | |
| Loss on sale of investment | 150 | ||
| Investment in Jack, Inc. stock | 15000 | ||
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