Jackson Company engaged in the following investment transactions during the current year. Feb 17, 2018 purchased...
Jackson Company engaged in the following investment transactions during the current year.
- Feb 17, 2018 purchased 500 shares of Medical Company common stock for $20 per share plus a commission of $100. Those are trading securities.
- June 25, 2018 received $1.20 dividends per share on Medical Company common stock.
- December 31, 2018 Medical Company common shares market value is at $25 per share.
- January 3, 2019, the shares were sold for $19 each share.
Prepare Journal entries to record the four transactions.
Homework Answers
| Date | Account | Debit | Credit |
| 17- FEB | Investment in Share (500 × 20) | 10,000 | |
| Cash | 10,000 | ||
| 17-FEB | Commission | 100 | |
| Cash | 100 | ||
| 25-JUNE | Cash (1.20 × 500) | 600 | |
| Dividend income | 600 | ||
| 3-JAN. | Cash (500 x 19) | 9,500 | |
| Loss on sale of investment in share | 500 | ||
| Investment in share | 10,000 |
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