Business, 03.12.2021 22:40 lilsneak13
Giannis Corporation purchases debt investments as trading securities at a cost of $150,000 on December 1. This is its first and only purchase of such securities. On January 5, Giannis Corporation decides to sell a portion of its trading securities (costing $9,000) for $10,000 cash. The journal entry to record this sale would include a:
a. Debit to Cash for $9,000. Credit to Debt Investments â€" Trading for $10,000.
b. Debit to Debt Investments â€" Trading for $9,000.
c. Credit to Cash for $10,000.
d. Credit to Gain on Sale of Debt Investments for $1,000.
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Giannis Corporation purchases debt investments as trading securities at a cost of $150,000 on Decemb...
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