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Question
Jarvis Corporation makes an investment in 100 shares of Saxton Company's common stock. The stock is purchased for $45 a share plus brokerage fees of $280. The journal entry for the purchase is
a. Cash 4,500
Investments—Saxton Company Stock 4,500
b. Investments—Saxton Company Stock 4,780
Cash 4,780
c. Investments—Saxton Company Stock 4,500
Brokerage Fee Expense 280
Cash 4,780
d. Investments—Saxton Company Stock 4,500
Cash 4,500
Answer
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