Home / Questions / The following transactions and information pertain to Lazar Corporation for 20x7 and 20x8
The following transactions and information pertain to Lazar Corporation for 20x7 and 20x8.
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20x7 |
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May |
1 |
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Purchased 3,000 shares of Ross Corporation common stock at $20 per share (representing 5 percent of Ross's total outstanding stock) as a long-term investment. |
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Sept. |
1 |
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Received a cash dividend from Ross equal to $0.60 per share. |
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Dec. |
31 |
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Market value of Ross stock at year end was $18 per share. |
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20x8 |
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Sept. |
1 |
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Received a cash dividend from Ross equal to $.050 per share. |
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Nov. |
1 |
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Sold 400 shares of Ross at $19 per share. |
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Dec. |
31 |
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Market value of Ross stock at year end was $17 per share. |
Prepare entries in journal form, without explanations, to record the above. Lazar's accounting year ends December 31.
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General Journal |
Page 1 |
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Date |
Description |
Post. Ref. |
Debit |
Credit |
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178.The following transactions and information pertain to Yates Corporation for 20x7 and 20x8.
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20x7 |
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May |
1 |
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Purchased 3,000 shares of Templin Corporation common stock at $32 per share representing 2 percent of Templin's total outstanding stock) as a long-term investment. |
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Sept. |
1 |
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Received a cash dividend from Templin equal to $1.40 per share. |
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Dec. |
31 |
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Market value of Templin stock at year end was $24 per share. |
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20x8 |
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Sept. |
1 |
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Received a cash dividend from Templin equal to $1.40 per share. |
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Nov. |
1 |
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Sold 300 shares of Templin at $26 per share. |
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Dec. |
31 |
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Market value of Templin stock at year end was $22 per share. |
Prepare entries in journal form, without explanations, to record the above. Yates's accounting year ends December 31.
|
General Journal |
Page 1 |
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Date |
Description |
Post. Ref. |
Debit |
Credit |
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