On August 1, Pharoah Company buys 1,000 shares of BCN common stock for $32,000 cash. On December 1, the stock investments are sold for $33,900 in cash. Journalize the purchase and sale of the common stock. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem) Date Account Titles and Explanation Debit Credit
On August 1, Pharoah Company buys 1,000 shares of BCN common stock for $32,000 cash. On December 1, the stock investments are sold for $33,900 in cash. Journalize the purchase and sale of the common stock. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem) Date Account Titles and Explanation Debit Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:On August 1, Pharoah Company buys 1,000 shares of BCN common stock for $32,000 cash. On December 1, the stock investments
are sold for $33,900 in cash. Journalize the purchase and sale of the common stock. (Credit account titles are automatically indented when
the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)
Account Titles and Explanation
Debit
Date
Credit
10
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