Basics of Equity – Cost Method Prepare the journal entries for the following transactions for Morgan...
Basics of Equity – Cost Method Prepare the journal entries for the following transactions for Morgan Co (a) Morgan Co. purcahsed 13,000 shares of Gordon Corp. stock for $10 per share plus a $1300 commission. (b) Morgan Co. sold 3000 shares of Gordon Corp. stock for $18 per hsare less a $200 commission. (c) Morgan Co. received a $.40 per share dividend from Gordon Corp. Stock.
Homework Answers
| Journal Entry | |||
| S. No. | Account Desription , Title | Debit | Credit |
| a | Investment in Gordon Corp | $131,300.00 | |
| Cash | $131,300.00 | ||
| To record purchase of 13000 Share @$10 & Comission | |||
| b. | Investment in Gordon Corp (3000*$18-200) | 53800 | |
| Cash | 53800 | ||
| To Record sale of 3000 Shares @$18 | |||
| c. | Cash (10000 Share*$0.40) | $4,000.00 | |
| Investment in Gordon Corp | $4,000.00 | ||
| To Record Dividend Recevied | |||
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Basics of Equity – Cost Method Prepare the journal entries for
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