Justin Company invested in 100 shares of Sara Company's common stock on January 2, 2004, and classified them as Trading Securities. Justin purchased the stock for $30 a share, and paid brokerage fees of $150. On October 20, 2004, Justin sells 60 shares of Sara stock for $28 per share, and paid brokerage fees of $100. The entry to record the sale on October 20 will involve a:
A) Debit to Loss on Sale of Investments of $120
B) Credit to Investment in Trading Securities of $1,860
C) Debit to Loss on Sale of Investments of $310
D) Credit to Investment in Trading Securities of $1,580
E) Debit to Loss on Sale of Investments of $200
Ans: C) Debit to Loss on Sale of Investments of $310
Business
You might also like to view...
The outcome of a decision is often affected by how accurately the problem is defined at the outset
Indicate whether the statement is true or false.
Business
The "value" in a key value database can be ________
A) any string value only B) any numeric value only C) any value of any size or type D) any list of values only
Business