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During the year, the following shares were sold at $5,000. 3,000 shares with a cost of $1 each. 16500

During the year, the following shares were sold at $5,000. 3,000 shares with a cost of $1 each. 16500

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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ØUESTION 3 Company had $15,000 short term investments (15,000 shares at 1$ each) and $2,000 allowance to adjust STI to mv debit balance as of the beginning of the year. During the year, the following shares were sold at $5,000. 3,000 shares with a cost of $1 each. At the end of the year, the remaining shares were worth $16,500, Record the sale of the shares and do the adjusting entry at the end of the year.
Transcribed Image Text:ØUESTION 3 Company had $15,000 short term investments (15,000 shares at 1$ each) and $2,000 allowance to adjust STI to mv debit balance as of the beginning of the year. During the year, the following shares were sold at $5,000. 3,000 shares with a cost of $1 each. At the end of the year, the remaining shares were worth $16,500, Record the sale of the shares and do the adjusting entry at the end of the year.
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