Gardens, Inc. invests its excess cash in Innovative Technologies, Inc. and acquires 5,000 shares for $26.50 per share. Garden, Inc. owns less than 2% of Innovative's voting stock and plans to hold the stock for two years. Which of the following is the correct journal entry forthe transaction?O A. CashEquity InvestmentsOB. CashCommon Stock - GardensOC. Equity InvestmentsCashO D. Common Stock - GardensCash132,500132,500132,500132,500132,500132,500132,500132,500h

Journal entries are the basic method for recording financial transactions in the books of accounts.…

Gardens, Inc. invests its excess cash in Innovative Technologies, Inc and acquires 5,000 shares for $26.50 per share. Garden, Inc. owns less than 2% of Innovative's voting stock and plans to hold the transaction? OA. Cash Equity Investments OB. Cash Common Stock Gardens OC. Equity Investments Cash OD. Common Stock Gardens Cash 132,500 132,500 132,500 132,500 132,500 132,500 132,500 132,500

Gardens, Inc. invests its excess cash in Innovative Technologies, Inc and acquires 5,000 shares for $26.50 per share. Garden, Inc. owns less than 2% of Innovative's voting stock and plans to hold the transaction? OA. Cash Equity Investments OB. Cash Common Stock Gardens OC. Equity Investments Cash OD. Common Stock Gardens Cash 132,500 132,500 132,500 132,500 132,500 132,500 132,500 132,500

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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