Sunland Company had the following transactions pertaining to stock investments. Feb. 1 Purchased 800 shares of Wade common stock (2%) for $9,600 cash. July 1 Received cash dividends of $1 per share on Wade common stock. Sept. 1 Sold 400 shares of Wade common stock for $5,600. Dec. 1 Received cash dividends of $1 per share on Wade common stock. (a) Journalize the transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit (b) Indicate how dividend revenue and the gain (loss) on sale should be reported in the income statement. Dividend revenue and the gain on sale of stock investments are reported under in the income s

Sunland Company had the following transactions pertaining to stock investments. Feb. 1 Purchased 800 shares of Wade common stock (2%) for $9,600 cash. July 1 Received cash dividends of $1 per share on Wade common stock. Sept. 1 Sold 400 shares of Wade common stock for $5,600. Dec. 1 Received cash dividends of $1 per share on Wade common stock. (a) Journalize the transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit (b) Indicate how dividend revenue and the gain (loss) on sale should be reported in the income statement. Dividend revenue and the gain on sale of stock investments are reported under in the income s

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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