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A Mario purchased 100 shares of public company common shares at $35 each on March 15. The company has a year-end of December 31. On
A Mario purchased 100 shares of public company common shares at $35 each on March 15. The company has a year-end of December 31. On March 17, Mario sold all the shares for $3,200. The entry to record the sale in Mario
Select one:
a. Dr. Loss on Sale of Shares $300, Dr. Cash $3,200, Cr. Short-Term Investment $3,500
b. Dr Short-Term Investment $3,500, Cr Cash $3,500
c. Dr. Cash $3,200, Dr. Gain on Sale of Shares $300, Cr. Short-Term Investment $3,500
d. Dr. Gain on Sale of Shares $3,200, Dr. Cash $300, Cr. Short-Term Investment $3,500
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