Answer:
Dr Stock Investments - Saxton company 4,780
Cr Cash 4,780
Explanation:
Based on the information given we were told that Jarvis Corporation invested in 100 shares of the common stock of Saxton Company which means that if the stock is purchased for the amount of $45 a share plus brokerage fees of the amount of $280. The journal entry for the purchase will be:
Dr Stock Investments - Saxton company 4,780
Cr Cash 4,780
[(100 shares*$45) +$280]
