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On February 1, Wildhorse Company purchased 460 shares (2% ownership) of Givens Company common stock for...

On February 1, Wildhorse Company purchased 460 shares (2% ownership) of Givens Company common stock for $32 per share. On March 20, Wildhorse Company sold 92 shares of Givens stock for $2,668. Wildhorse received a dividend of $2.00 per share on April 25. On June 15, Wildhorse sold 184 shares of Givens stock for $6,992. On July 28, Wildhorse received a dividend of $2.00 per share. Prepare the journal entries to record the transactions described above

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Answer #1

Journal entries

Date Account and explanation Debit Credit
Feb 1 Investment in Stock (460*32) 14720
Cash 14720
Mar 20 Cash 2668
Loss on sale of investment in Stock 276
Investment in Stock (92*32) 2944
Apr 25 Cash (368*2) 736
Dividend revenue 736
June 15 Cash 6992
Gain on sale of investment in Stock 1104
Investment in Stock (184*32) 5888
July 28 Cash (184*2) 368
Dividend revenue 368
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