Question
On February 15, Jewel Company buys notes of Marcelo Corp. for $202,010. The investment is classified as long-term available-for-sale securities. This is the company's fest
On February 15, Jewel Company buys notes of Marcelo Corp. for $202,010. The investment is classified as long-term available-for-sale securities. This is the company's fest and only investment in available-for-sale securities. The journal entry to record the purchase on February 15 is Multiple Choice Debit Debt Investments-HTM $202.010: credit Cash $202,010 O Debit Debt Investments-AFS $202.010: credit Notes Payable $202.010. Debit Long-Term Investments-AFS $202.010; credit Cash $202.010. O Debit Debt Investments-Trading $202,010; credit Notes Payable $202,010 Debit Debt Investments-Trading $202,010; credit Cash $202,010
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