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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

The following transactions and information pertain to Lazar Corporation for 20x7 and 20x8.

 

20x7

 

 

May

1

 

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.

Sept.

1

 

Received a cash dividend from Ross equal to $0.60 per share.

Dec.

31

 

Market value of Ross stock at year end was $18 per share.

 

 

 

 

20x8

 

 

Sept.

1

 

Received a cash dividend from Ross equal to $.050 per share.

Nov.

1

 

Sold 400 shares of Ross at $19 per share.

Dec.

31

 

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.

 

General Journal

Page 1

Date

Description

Post.

Ref.

Debit

Credit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

               

 

 

 

178.The following transactions and information pertain to Yates Corporation for 20x7 and 20x8.

 

20x7

 

 

May

1

 

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.

Sept.

1

 

Received a cash dividend from Templin equal to $1.40 per share.

Dec.

31

 

Market value of Templin stock at year end was $24 per share.

 

 

 

 

20x8

 

 

Sept.

1

 

Received a cash dividend from Templin equal to $1.40 per share.

Nov.

1

 

Sold 300 shares of Templin at $26 per share.

Dec.

31

 

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

Date

Description

Post.

Ref.

Debit

Credit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

               

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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