Question

Yerbury Corp. manufactures construction equipment.

Journalize the entries to record the following selected equity investment transactions completed by Yerbury during a recent year:

Feb. 2	Purchased for cash 1,050 shares of Wong Inc. stock for $53 per share plus a $525 brokerage commission.
Mar. 16	Received dividends of $0.30 per share on Wong Inc. stock.
June 7	Purchased 650 shares of Wong Inc. stock for $60 per share plus a $325 brokerage commission.
July 26	Sold 1,200 shares of Wong Inc. stock for $65 per share less a $600 brokerage commission. Yerbury assumes that the first investments purchased are the first investments sold.
Sept. 25	Received dividends of $0.40 per share on Wong Inc. stock.

In your computations, round per share amounts to two decimal places. When required, round final answers to the nearest dollar. For a compound transaction, if an amount box does not require an entry, leave it blank.

Feb. 2	Investments-Wong Inc. Stock
	Cash
Mar. 16	Cash
	Dividend Revenue
June 7	Investments-Wong Inc. Stock
	Cash
July 26	Cash
***Can someone explain how to get the answers here -->	Gain on Sale of Investments
**-------------------------------------------------->	Investments-Wong Inc. Stock
Sept. 25	Cash
	Dividend Revenue

Answer 1

Workings:

D Credit($) A 1 Date Particulars 2-Feb Investments-Wong Inc. stock Cash Debit($) 56175 56175 16-Mar Cash 315 Dividend revenue 31s 39325 7-Jun Investments-Wong Inc. stock Cash 39325 77400 26-Jul Cash Investments-Wong Inc. stock Gain on sale of investments 65250 12150 13 14 2001 25-Sep Cash Dividend revenue 16 200 17 18

D А 1 Date 2 43863 Credit($) B Particulars Investments-Wong Inc. stock Cash Debit($) =(1050*53)+525 56175 43906 Cash =1050*0.3 m iono Dividend revenue 315 8 43989 =(650*60)+325 Investments-Wong Inc. stock Cash 39325 44038 =(1200*65)-600 Cash Investments-Wong Inc. stock Gain on sale of investments =56175+(39325/650*150) =C11-D12 13 14 44099 =500*0.4 Cash Dividend revenue 16 200 17