August 1, Shaw Company buys 1,000 shares of Estrada common stock for $34,500 cash On December 1
Brief Exercise 16-2 On
August 1, Shaw Company buys 1,000 shares of Estrada common stock for $34,500 cash On December 1, Shaw sells the stock investments for $37,500 in cash.
Journalize the purchase and sale of the common stock. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No entry for the account ties and enter for the amounts.)
Homework Answers
Journal entry
| date | account title and explanation | Debit | Credit |
| Aug 1 | Investment in Estrada | 34500 | |
| Cash | 34500 | ||
| Dec 1 | Cash | 37500 | |
| gain on Sale of investment in Estrada | 3000 | ||
| Investment in Estrada | 34500 | ||
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August 1, Shaw Company buys 1,000 shares of Estrada common stock for $34,500 cash On December 1
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Brief Exercise 11-2
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Journalize the issuance of the stock. (Credit account
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indent manually. If no entry is required, select "No entry" for the
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Date
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Brief Exercise 11-5
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Brief Exercise 11-2
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Date
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Brief Exercise 11-5
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> For those of you on Wiley Plus, Investment in Estrada should be Stock Investments and Gain on sale of investment in Estrada should be Gain on Sale of Stock Investments.
Victoria Arguello Solorzano Thu, Sep 23, 2021 10:49 AM