QUESTION 23
Journalize the following entries for Steelers Nation Co. If no entry is required, write "No Entry Required" and leave
the amount boxes blank. (3 points each)
a.
Steelers Nation Co. purchased 45,000 shares of the total of 100,000 outstanding shares of Cleveland Corp.
stock for $10 per share plus a $900 commission.
DATE
X/X
Debit
b.
Cleveland Corp.'s total earnings for the period are $97,000.
DATE
X/X
Debit
c.
Cleveland Corp. paid a total of $25,000 in cash dividends.
DATE
X/X
Debit
Credit
Credit
Credit