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25 November, 21:31

Journalize the entries to record the following selected equity investment transactions completed by Yerbury during a recent year: Feb. 2 Purchased for cash 5,300 shares of Wong Inc. stock for $20 per share plus a $110 brokerage commission. Mar. 6 Received dividends of $0.30 per share on Wong Inc. stock. June 7 Purchased 2,000 shares of Wong Inc. stock for $26 per share plus a $120 brokerage commission. July 26 Sold 6,000 shares of Wong Inc. stock for $35 per share less a $100 brokerage commission. Yerbury assumes that the first investments purchased are the first investments sold. Sept. 25 Received dividends of $0.40 per share on Wong Inc. stock.

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  1. 25 November, 22:33
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    Yerbury Journal. $

    Feb 2

    Investment Wrong Dr 106,000

    Brokerage Expenses Dr 110

    Cash. CR. 106110

    Purchase of Wrong share by cash

    Mar 6

    Cash Dr. 1590

    Dividend Cr. 1590

    Dividend received from Wrong

    June 7

    Investment Wrong Dr 31200

    Brokerage Expenses Dr 120

    Cash Cr. 31320

    Purchase share from Wrong by cash

    June 26

    Cash Dr. 210,000

    Investment Cr. 124,200

    Profit Cr 85800

    Sales of 5300 and 700 shares purchased from Wrong at$20&$26 respectively.

    June 26

    Brokerage exp Dr. 100

    Cash. CR. 100

    Brokerage paid on sales of Wrong shares

    Sept 20

    Cash Dr. 520

    Dividend Cr. 520

    Dividend received on share
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