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
On May 10, Jack Corporation issues 2,200 shares of $13 par value
common stock for cash at $21 per share.
Journalize the issuance of the stock. (Credit account
titles are automatically indented when amount is entered. Do not
indent manually. If no entry is required, select "No entry" for the
account titles and enter 0 for the amounts.)
Date
Account Titles and Explanation
Debit
Credit
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Brief Exercise 11-5
On July 1, Raney Corporation purchases 520 shares of its $7 par
value common stock for the treasury at a cash price of $9 per
share. On September 1, it sells 370 shares of the treasury stock
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Do not indent manually. If no entry is...
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Brief Exercise 11-2
On May 10, Jack Corporation issues 2,200 shares of $13 par value
common stock for cash at $21 per share.
Journalize the issuance of the stock. (Credit account
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account titles and enter 0 for the amounts.)
Date
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Brief Exercise 11-5
On July 1, Raney Corporation purchases 520 shares of its $7 par
value common stock for the treasury at a cash price of $9 per
share. On September 1, it sells 370 shares of the treasury stock
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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