On September 1, 1,500 shares of M Company stock are acquired at a price of $24 per share plus a $40 brokerage commission. This was less than 20% ownership in the stock of M Company. On October 4, a $.60-per-share dividend was received on the M Company stock. When recording the journal entry for the receipt of the dividend, what account would be debited and for what amount? Journal DATE DESCRIPTION PREF DEBIT CREDIT Oct. 4 (?) (?) Debit Dividend Revenue, $36,000 Debit Cash, $36,000 Debit Dividend Revenue, $900 Debit Cash, $900

On September 1, 1,500 shares of M Company stock are acquired at a price of $24 per share plus a $40 brokerage commission. This was less than 20% ownership in the stock of M Company. On October 4, a $.60-per-share dividend was received on the M Company stock. When recording the journal entry for the receipt of the dividend, what account would be debited and for what amount? Journal DATE DESCRIPTION PREF DEBIT CREDIT Oct. 4 (?) (?) Debit Dividend Revenue, $36,000 Debit Cash, $36,000 Debit Dividend Revenue, $900 Debit Cash, $900

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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