Hulse Company had the following transactions pertaining to stock investments. Jo

Question

Hulse Company had the following transactions pertaining to stock investments.

Journalize the transactions. (Round answers to 0 decimal places, e.g. 5,275. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.)

How would the dividend revenue and the gain (loss) on sale be reported in the income statement?

Explanation / Answer

Date Particular Debit Amount Credit Amount Feb 1 Investment in Wade Common Stock A/c $ 6000 To Cash/Bank A/c $ 6000 Jul 1 Cash A/c $1200 To Dividend Income A/c $1200 Sept1 Cash/Bank A/c $1700 To Investment in Wade Common Stock A/c $1000 To Gain on sale of an investment A/c $700 Dec 1 Cash A/c $1500 To Dividend Income A/c $1500

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