ABC bought 100 common shares of XYZ. The price paid was $ 40, per share, plus he paid $ 280 in brokerage costs. The entry to register this purchase includes: Select one: a. debit to cash for $ 4,000. b. Debit to Investment in shares of $ 4,000. c. Debit to Investment in shares for $ 4,280. d. debit to brokerage expense of $ 280 and a debit to investment in shares of $ 4,000.
ABC bought 100 common shares of XYZ. The price paid was $ 40, per share, plus he paid $ 280 in brokerage costs. The entry to register this purchase includes: Select one: a. debit to cash for $ 4,000. b. Debit to Investment in shares of $ 4,000. c. Debit to Investment in shares for $ 4,280. d. debit to brokerage expense of $ 280 and a debit to investment in shares of $ 4,000.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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16. ABC bought 100 common shares of XYZ. The price paid was $ 40, per share, plus he paid $ 280 in brokerage costs. The entry to register this purchase includes:
Select one:
a. debit to cash for $ 4,000.
b. Debit to Investment in shares of $ 4,000.
c. Debit to Investment in shares for $ 4,280.
d. debit to brokerage expense of $ 280 and a debit to investment in shares of $ 4,000.
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