Wildhorse Inc. had these transactions pertaining to investments in common stock: Jan. 1 July 1 Purchased 1,240 shares of Gate Corporation common stock (5% of outstanding shares) for $62,000 cash. Received a cash dividend of $7 per share. Dec. 1 Sold 930 shares of Gate Corporation common stock for $48,360 cash. 31 Received a cash dividend of $7 per share. Journalize the transactions. (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 O for the amounts. Do not round intermediate values. Round final answers to O decimal places, e.g. 5,275.) Date L Account Titles and Explanation eTextbook and Media Debit Credit
Wildhorse Inc. had these transactions pertaining to investments in common stock: Jan. 1 July 1 Purchased 1,240 shares of Gate Corporation common stock (5% of outstanding shares) for $62,000 cash. Received a cash dividend of $7 per share. Dec. 1 Sold 930 shares of Gate Corporation common stock for $48,360 cash. 31 Received a cash dividend of $7 per share. Journalize the transactions. (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 O for the amounts. Do not round intermediate values. Round final answers to O decimal places, e.g. 5,275.) Date L Account Titles and Explanation eTextbook and Media Debit Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![Wildhorse Inc. had these transactions pertaining to investments in common stock:
Jan.
1
July 1
Purchased 1,240 shares of Gate Corporation common stock (5% of outstanding shares) for $62,000 cash.
Received a cash dividend of $7 per share.
Dec.
1
Sold 930 shares of Gate Corporation common stock for $48,360 cash.
31
Received a cash dividend of $7 per share.
Journalize the transactions. (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 O for the amounts. Do not round intermediate values. Round final answers to O
decimal places, e.g. 5,275.)
Date
L
Account Titles and Explanation
eTextbook and Media
Debit
Credit](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F2dff51a3-a054-40a0-aa8f-e50d0afe6098%2F8adb6062-d27d-48e1-ad7e-5a37c08dd1c2%2F1ysor3l_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Wildhorse Inc. had these transactions pertaining to investments in common stock:
Jan.
1
July 1
Purchased 1,240 shares of Gate Corporation common stock (5% of outstanding shares) for $62,000 cash.
Received a cash dividend of $7 per share.
Dec.
1
Sold 930 shares of Gate Corporation common stock for $48,360 cash.
31
Received a cash dividend of $7 per share.
Journalize the transactions. (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 O for the amounts. Do not round intermediate values. Round final answers to O
decimal places, e.g. 5,275.)
Date
L
Account Titles and Explanation
eTextbook and Media
Debit
Credit
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