On August 1, Shaw Company buys 1,000 shares of Estrada common stock for $34,500

Question

On August 1, Shaw Company buys 1,000 shares of Estrada common stock for $34,500 cash. On December 1, Shaw sells the stock investments for $37,500 in cash. Journalize the purchase and sale of the common stock. (Credit account titles are automatically Indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanatiorn Debit Credit Aug. 1 : Dec. 1

Explanation / Answer

Aug 1       Stock Investment                               $34,500

                         To Cash                                     $34,500

Dec 1       Cash                                                $37,500

                         To Stock Investment                               $34,500

                         To Gain on sale of Stock Investment        $3,000

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