Blaine Company had these transactions pertaining to stock investments: Feb. 1 Purchased 2000 shares of Norton Company (10%) for $51000.
June 1 Received cash dividends of $2 per share on Horton stock.
Oct) 1 Sold 1200 shares of Horton stock for $33000 less brokerage fees of $600.
The entry to record the sale of the stock would include a
A) debit to Cash for $32400.
B) credit to Gain on Sale of Stock Investments for $1200.
C) debit to Stock Investments for $30600.
D) credit to Gain on Sale of Stock Investments for $1800.

Question

Quizplus · Accepted Answer

The Answer of Blaine Company had these transactions pertaining to stock investments: Feb. 1 Purchased 2000 shares of Norton Company (10%) for $51000.
June 1 Received cash dividends of $2 per share on Horton stock.
Oct) 1 Sold 1200 shares of Horton stock for $33000 less brokerage fees of $600.
The entry to record the sale of the stock would include a
A) debit to Cash for $32400.
B) credit to Gain on Sale of Stock Investments for $1200.
C) debit to Stock Investments for $30600.
D) credit to Gain on Sale of Stock Investments for $1800.

Blaine Company Had These Transactions Pertaining to Stock Investments: Feb