Nagen company had these transactions pertaining to stock, Ask an Expert

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Nagen Company had these transactions pertaining to stock investments:

Feb. 1 Purchased 3,000 shares of Horton Company (10%) for $49,800 cash plus brokerage fees of $1,200.

June 1 Received cash dividends of $2 per share on Horton stock.

Oct. 1 Sold 1,200 shares of Horton stock for $24,000 less brokerage fees of $600.

The entry to record the sale of the stock would include:

a. debit to Cash for $24,000.

b. credit to Gain on Sale of Stock Investments for $1,200.

c. debit to Stock Investments for $20,400.

d. credit to Gain on Sale of Stock Investments for $3,000

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9403564

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