Tan Company had these transactions pertaining to stock investments: Feb. 1 Purch

Question

Tan Company had these transactions pertaining to stock investments: Feb. 1 Purchased 3,000 shares of Norton Company (10%) for $49,800 cash plus brokerage fees of $1,200. June 1 Received cash dividends of $2 per share on Norton stock. Oct. 1 Sold 1,200 shares of Norton stock for $24,000 less brokerage fees of $600. The entry to record the sale of the stock would include a.. A) credit to gain on sale of stock investments for 3000...B) debit to stock investments for 20400... C) debit to cash for 24000... D) credit to gain on sale of stock investments for 1200

Explanation / Answer

C) debit to cash for 24000

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