Tan Company had these transactions pertaining to stock investments: Feb. 1 Purch
ID: 2358286 • Letter: T
Question
Tan Company had these transactions pertaining to stock investments: Feb. 1 Purchased 3,000 shares of Norton Company (10%) for $49,800 cash plus brokerage fees of $1,200. June 1 Received cash dividends of $3 per share on Norton stock. Oct. 1 Sold 1,200 shares of Norton stock for $24,000 less brokerage fees of $600. The entry to record the receipt of the dividends on June 1 would include a......A) credit to stock investments 9000... B) debit to dividend revenue 9000... C) debit to stock investments 9000...D) credit to dividend revenue 9000Explanation / Answer
Tan Company had these transactions pertaining to stock investments: Feb. 1 Purchased 3,000 shares of Norton Company (10%) for $49,800 cash plus brokerage fees of $1,200. June 1 Received cash dividends of $3 per share on Norton stock. Oct. 1 Sold 1,200 shares of Norton stock for $24,000 less brokerage fees of $600. The entry to record the receipt of the dividends on June 1 would include a......
A) credit to stock investments 9000...
B) debit to dividend revenue 9000...
C) debit to stock investments 9000...
D) credit to dividend revenue 9000