PWAT Inc. had these transactions pertaining to investments in common stock:
Jan 1 $\quad $Purchased 2,000 shares of Pasco Corporation common stock (5% of outstanding shares) for $96,500 cash.
July 1 $\quad $Received a cash dividend of $1.70 per share.
Dec. 1 $\quad $Sold 800 shares of Pasco Corporation common stock for $40,200.
$\quad $31 $\quad $Received a cash dividend of $1.70 per share.
Instructions
Journalize the transactions.

Question

PWAT Inc. had these transactions pertaining to investments in common stock:
Jan 1  $\quad $Purchased 2,000 shares of Pasco Corporation common stock (5% of outstanding shares) for $96,500 cash.
July 1  $\quad $Received a cash dividend of $1.70 per share.
Dec. 1  $\quad $Sold 800 shares of Pasco Corporation common stock for $40,200.
 $\quad $31  $\quad $Received a cash dividend of $1.70 per share.
Instructions
Journalize the transactions.

Quizplus · Accepted Answer

The Answer of PWAT Inc. had these transactions pertaining to investments in common stock:
Jan 1  $\quad $Purchased 2,000 shares of Pasco Corporation common stock (5% of outstanding shares) for $96,500 cash.
July 1  $\quad $Received a cash dividend of $1.70 per share.
Dec. 1  $\quad $Sold 800 shares of Pasco Corporation common stock for $40,200.
 $\quad $31  $\quad $Received a cash dividend of $1.70 per share.
Instructions
Journalize the transactions.

PWAT Inc Had These Transactions Pertaining to Investments in Common Stock