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1) The following equity investment transactions were completed by Romero Company during a recent year: Apr....

1) The following equity investment transactions were completed by Romero Company during a recent year:

Apr. 10 Purchased 4,700 shares of Dixon Company for a price of $49 per share plus a brokerage commission of $120.
July 8 Received a quarterly dividend of $0.70 per share on the Dixon Company investment.
Sept. 10 Sold 1,900 shares for a price of $41 per share less a brokerage commission of $75.

Journalize the entries for the transactions. Refer to the Chart of Accounts for exact wording of account titles. When required, round your answers to the nearest dollar.

PAGE 10

JOURNAL

ACCOUNTING EQUATION

DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY

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Answer #1
Date General Journal Debit Credit
Apr. 10 Investments-Dixon Company stock[(4,700 shares * $49) + $120] $230,420
Cash $230,420
July 8 Cash($0.70 * 4,700 shares) $3,290
Dividend revenue $3,290
Sept. 10 Cash[(1,900 shares * $41) - $75] $77,825
Loss on sale of investments $15,324
Investments-Dixon Company stock[1,900 shares * ($230,420 / 4,700 shares)] $93,149
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