On June 20, Blaney Company purchased 2,000 shares of ABC Company common stock for $32 per...
On June 20, Blaney Company purchased 2,000 shares of ABC Company common stock for $32 per share plus a $75 brokerage fee.
These shares are categorized as short-term investment in trading securities.
On September 8, Blaney Company receives $.60 per share in dividends from ABC Company. A correct entry to receord the receipt of the dividends is:
Homework Answers
Number of shares = 2,000
Dividend per share = $0.60
Total dividend = Number of shares x Dividend per share
= 2,000 x 0.60
= $1,200
The journal entry to record the receipt of dividend will be as under :
Journal
| Account Title | Debit | Credit |
| Cash | 1,200 | |
| Dividend received | 1,200 |
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