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22 September, 08:19

On June 20, Blaney Company purchased 2,000 shares of ABC Company common stock for $32 per share. These shares are categorized as having insignificant influence ... On September 8, Blaney Company receives $.60 per share in dividends from ABC Company. A correct entry to record the receipt of the dividends is:

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  1. 22 September, 08:39
    0
    Debit Credit

    Cash (2,000*0.60) $1,200

    Dividend income $1,200

    Explanation:

    The following journal entry shall be recorded by the Blaney Company in its accounts in respect of the dividend income received from the ABC Company on September 8:

    Debit Credit

    Cash (2,000*0.60) $1,200

    Dividend income $1,200
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Home » Business » On June 20, Blaney Company purchased 2,000 shares of ABC Company common stock for $32 per share. These shares are categorized as having insignificant influence ... On September 8, Blaney Company receives $.60 per share in dividends from ABC Company.
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