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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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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