) Eliasen, Inc. invests its excess cash in Creative Technologies, Inc. and acquires 3,300 shares for $32.50...
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Question:
) Eliasen, Inc. invests its excess cash in Creative Technologies, Inc. and acquires 3,300 shares for $32.50 per share. Eliasen, Inc. owns less than 2% of Creative's voting stock and plans to hold the stock for two years. Which of the following is the correct journal entry for the transaction?
A) Debit Service Revenue $2,667, and credit Unearned Revenue $2,667.
B) Debit Unearned Revenue $5,333, and credit Service Revenue $5,333.
C) Debit Unearned Revenue $8,000, and credit Service Revenue $8,000.
D) Debit Service Revenue $5,333, and credit Accounts Receivable $5,333.
Posted Date: