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 entry for the purchase is

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]

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