Common Stock Shares Cost Date Account Titles and Explanation Debit Credit Sept.

Question

Common Stock

Shares

Cost

Date

Account Titles and Explanation

Debit

Credit

Sept. 1

Stock Investments

SHOW LIST OF ACCOUNTS

LINK TO TEXT

LINK TO TEXT

Date

Account Titles and Explanation

Debit

Credit

SHOW LIST OF ACCOUNTS

LINK TO TEXT

LINK TO TEXT

SHOW LIST OF ACCOUNTS

LINK TO TEXT

LINK TO TEXT

On December 31, 2017, Turnball Associates owned the following securities, held as a long-term investment. The securities are not held for influence or control of the investee.

Common Stock

Shares

Cost

Gehring Co. 1,900 $53,200 Wooderson Co. 5,000 40,000 Kitselton Co. 1,800 39,600
On December 31, 2017, the total fair value of the securities was equal to its cost. In 2018, the following transactions occurred.
Aug. 1 Received $0.50 per share cash dividend on Gehring Co. common stock. Sept. 1 Sold 1,500 shares of Wooderson Co. common stock for cash at $7 per share. Oct. 1 Sold 760 shares of Gehring Co. common stock for cash at $31 per share. Nov. 1 Received $1 per share cash dividend on Kitselton Co. common stock. Dec. 15 Received $0.50 per share cash dividend on Gehring Co. common stock. Dec. 31 Received $1 per share annual cash dividend on Wooderson Co. common stock.
At December 31, the fair values per share of the common stocks were: Gehring Co. $30, Wooderson Co. $7, and Kitselton Co. $20.

Explanation / Answer

Aug   

Divident received a/c .50 XXX

To Dividend income XXX .50

Sep

Cash a/c (1500*7) 10500 xxx

To Wooderson Co. 10500

Oct

Cash a/c (7600*31) 235600 xxxx

To Gehring Co xxxx 235600

Nov

Cash /Bank A/c (1800*1) 1800 xxxx

To Divident A/C xxxx 1800

Dec

Cash /Bank A/C (1900*.50) 999.5 xxxx

To Divident A/C xxxx 999.5

Dec

Cash / Bank A/c (5000*1) 5000 xxxx

To Divident A/c xxxx 5000   

  

  

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