Jerome Corporation makes a short-term investment in 160 shares of Singer Company’s common stock. The stock is purchased for $50 a share plus brokerage fees of $550. The entry for the purchase is
Debt Investments 8,000
Cash 8,000
Stock Investments 8,000
Cash 8,000
Stock Investments 8,000
Brokerage Fee Expense 550
Cash 8,550
Stock Investments 8,550
Cash 8,550
I think the answer is:
Stock Investments 8,550
Cash 8,550
CORRECT ME IF I’M WRONG!!!
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Jerome Corporation makes a short-term investment in 160 shares of Singer Company’s common stock. The stock is purchased for $50 a share plus brokerage fees of $550. The entry for the purchase is
Dr Stock Investments 8,550
Cr Cash 8,550
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