On February 1 Brutus Company purchased 1000 shares (2% ownership) of Wynne Company common stock for $25 per share. On March 20 Brutus Company sold 200 shares of Wynne stock for $4700. Brutus received a dividend of $1.20 per share on April 25. On June 15 Marcus sold 300 shares of Wynne stock for $8500.
Instructions
Prepare the journal entries to record the transactions described above.

Question

Quizplus · Accepted Answer

The Answer of On February 1 Brutus Company purchased 1000 shares (2% ownership) of Wynne Company common stock for $25 per share. On March 20 Brutus Company sold 200 shares of Wynne stock for $4700. Brutus received a dividend of $1.20 per share on April 25. On June 15 Marcus sold 300 shares of Wynne stock for $8500.
Instructions
Prepare the journal entries to record the transactions described above.

On February 1 Brutus Company Purchased 1000 Shares (2% Ownership)