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On February 1, Oriole Company purchased 600 shares (2% ownership) of Givens Company common stock for $32 per share. On March 20, Oriole Company sold 120 shares of Givens stock for $3,480. Oriole received a dividend of $2.00 per share on April 25. On June 15, Oriole sold 240 shares of Givens stock for $9,120. On July 28, Oriole received a dividend of $2.25 per share. Prepare the journal entries to record the transactions described above. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem.) Date Feb. 1 V Account Titles and Explanation Stock Investments Cash Debit Credit

On February 1, Oriole Company purchased 600 shares (2% ownership) of Givens Company common stock for $32 per share. On March 20, Oriole Company sold 120 shares of Givens stock for $3,480. Oriole received a dividend of $2.00 per share on April 25. On June 15, Oriole sold 240 shares of Givens stock for $9,120. On July 28, Oriole received a dividend of $2.25 per share. Prepare the journal entries to record the transactions described above. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem.) Date Feb. 1 V Account Titles and Explanation Stock Investments Cash Debit Credit

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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On February 1, Oriole Company purchased 600 shares (2% ownership) of Givens Company common stock for $32 per share. On March 20, Oriole Company sold 120 shares of Givens stock for $3,480. Oriole received a dividend of $2.00 per share on April 25. On June 15, Oriole sold 240 shares of Givens stock for $9,120. On July 28, Oriole received a dividend of $2.25 per share. Prepare the journal entries to record the transactions described above. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem.) Account Titles and Explanation Date Feb. 1 V Mar, 20 Apr. 25 June 15 V Stock Investments Cash Cash Loss on Sale of Stock Investments Stock Investments Cash Dividend Revenue Cash Debit 3,480 9,120 Credit
Transcribed Image Text:On February 1, Oriole Company purchased 600 shares (2% ownership) of Givens Company common stock for $32 per share. On March 20, Oriole Company sold 120 shares of Givens stock for $3,480. Oriole received a dividend of $2.00 per share on April 25. On June 15, Oriole sold 240 shares of Givens stock for $9,120. On July 28, Oriole received a dividend of $2.25 per share. Prepare the journal entries to record the transactions described above. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem.) Account Titles and Explanation Date Feb. 1 V Mar, 20 Apr. 25 June 15 V Stock Investments Cash Cash Loss on Sale of Stock Investments Stock Investments Cash Dividend Revenue Cash Debit 3,480 9,120 Credit
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