The following equity investment transactions were completed by Romero Company during a recent year:
Apr. | 10 | Purchased 5,000 shares of Dixon Company for a price of $49 per share plus a brokerage commission of $90. |
July | 8 | Received a quarterly dividend of $1.00 per share on the Dixon Company investment. |
Sept. | 10 | Sold 1,100 shares for a price of $44 per share less a brokerage commission of $70. |
Journalize the entries for these transactions. Refer to the Chart of Accounts for exact wording of account titles. When required, round your answers to the nearest dollar.
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Chart of Accounts
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Instructions
The following equity investment transactions were completed by Romero Company during a recent year:
Apr. | 10 | Purchased 5,000 shares of Dixon Company for a price of $49 per share plus a brokerage commission of $90. |
July | 8 | Received a quarterly dividend of $1.00 per share on the Dixon Company investment. |
Sept. | 10 | Sold 1,100 shares for a price of $44 per share less a brokerage commission of $70. |
Journalize the entries for these transactions. Refer to the Chart of Accounts for exact wording of account titles. When required, round your answers to the nearest dollar.
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Chart of Accounts
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JOURNAL
In the books of Romero Company
For the year XXXX
Particulars | L.F | Debit ($) | Credit ($) |
(A) Investments-Dixon Company Stock A/c ....Dr To Cash A/c (Being 5,000 shares of Dixon Company purchased for a price of $49 per share plus a brokerage commission of $90.) |
245090 |
245090 |
|
(B) Cash A/c ....Dr To Dividend Revenue A/c (Being quarterly dividend of $1.00 per share on the Dixon Company investment received.) |
5000 |
5000 |
|
(C) Cash A/c ....Dr Loss on sale of investment A/c ....Dr To Investments-Dixon Company Stock A/c (Being 1,100 shares for a price of $44 per share sold less a brokerage commission of $70.) |
48330 5500 |
53830 |
The following equity investment transactions were completed by Romero Company during a recent year: Apr. 10...
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