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Home Q & A Board Other Fields Homework Help Business Accounting
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H3Ko H3Ko
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7 years ago
Gray Financial Services, Inc. invested $33,000 to acquire 6,250 shares of Mitt Investments, Inc. on March 15, 2013. This investment represents less than 20% of the investee's voting stock. On May 7, 2017, Gray Financial Services, Inc. sells 2,500 shares for $19,250. When the journal entry to record the sale is made, ________.
A) Cash will be credited
B) Gain on Disposal will be credited
C) Long-term InvestmentsHeld-to-Maturity will be debited
D) Long-term InvestmentsAvailable-for-Sale will be debited
Textbook 
Horngren's Financial & Managerial Accounting, The Financial Chapters

Horngren's Financial & Managerial Accounting, The Financial Chapters


Edition: 5th
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TanksTanks
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H3Ko Author
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#2
7 years ago
I posted this question a while back then forgot to check the forum lol Thanks for answering, you were right
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