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

Question

Hulse Company had the following transactions pertaining to stock investments. Feb. 1 Purchased 800 shares of Wade common stock (2%) for $8,000 cash Sept. July 1 Received cash dividends of $2 per share on Wade common stock. Dec. 1 Received cash dividends of $3 per share on Wade common stock. stock for $3,000. 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.) Date Account Titles and Explanation Debit Credit

Explanation / Answer

Feb-01 Common stock a/c               Dr $ 8000                To cash $ 8000 Jul-01 cash a/c                                     Dr $ 1600                To Dividend revenue $ 1600 Sep-01 Cash a/c                                  Dr $3000                To common stock a/c $2000                To gain in sale of stock a/c $1000 Dec-01 cash a/c                                     Dr $600                To Dividend revenue a/c $600 (200shares* 3per share) Dividend revenue and the gain on sale of stock investments are reported under other gains and revenues in statement of comprehensive income (or income statement)

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