Monty Corporation purchased 430 common shares of Ditch Inc. for $12,900 on February 21. Monty paid a 1% commission on the share purchase and, because the shares were not publicly traded, decided to account for them following the cost model. On June 30, Ditch declared and paid a cash dividend of $2.00 per share.     Prepare Monty Corporation’s journal entry to record the purchase of the investment. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit February 21 enter an account title enter a debit amount enter a credit amount   enter an account title enter a debit amount enter a credit amount   Prepare Monty Corporation’s journal entry to record the dividends received. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit June 30 enter an account title enter a debit amount enter a credit amount   enter an account title enter a debit amount enter a credit amount   Prepare Monty Corporation’s journal entry to record the sale of the Ditch Inc. shares in early January the following year for $14,700 less a 1% commission paid on the sale. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Monty Corporation purchased 430 common shares of Ditch Inc. for $12,900 on February 21. Monty paid a 1% commission on the share purchase and, because the shares were not publicly traded, decided to account for them following the cost model. On June 30, Ditch declared and paid a cash dividend of $2.00 per share.
 
 
Prepare Monty Corporation’s journal entry to record the purchase of the investment. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Date
Account Titles and Explanation
Debit
Credit
February 21
enter an account title
enter a debit amount
enter a credit amount
 
enter an account title
enter a debit amount
enter a credit amount
 
Prepare Monty Corporation’s journal entry to record the dividends received. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Date
Account Titles and Explanation
Debit
Credit
June 30
enter an account title
enter a debit amount
enter a credit amount
 
enter an account title
enter a debit amount
enter a credit amount
 
Prepare Monty Corporation’s journal entry to record the sale of the Ditch Inc. shares in early January the following year for $14,700 less a 1% commission paid on the sale. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Account Titles and Explanation
Debit
Credit
enter an account title
enter a debit amount
enter a credit amount
enter an account title
enter a debit amount
enter a credit amount
enter an account title
enter a debit amount
enter a credit amount
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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