Hardin Park Company Had These Transactions Pertaining to Stock Investments

question 120

Multiple Choice

Hardin Park Company had these transactions pertaining to stock investments Feb. 1 Purchased 2,500 shares of Raley Company (10%) for $44,500 cash.
June 1 Received cash dividends of $1 per share on Raley stock.
Oct) 1 Sold 1,000 shares of Raley stock for $19,500.
Dec) 1 Received cash dividends of $2 per share on Raley stock.
The entry to record the sale of the stock would include a

• A) debit to Cash for $17,800.
• B) credit to Gain on Sale of Stock Investments for $680.
• C) debit to Stock Investment for $17,800.
• D) credit to Gain on Sale of Stock Investments of $1,700.

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Definitions:

Roughhousing

Boisterous, physical play involving minor scuffles and wrestling, usually not intended to cause serious harm.

Neighbor's Property

Real estate or possession owned by individuals or entities located adjacent to or near one's property.

Battery

An intentional unconsented physical act that results in harmful or offensive contact with another person's body.

Civil Tort Action

A lawsuit brought by one individual against another or a corporation for compensation due to harm caused by negligence or intentional acts.