Question
What are the proper journal entries, ignoring taxes unless otherwise stated? July, 2014: Mover n Shaker sells 25% of its holdings in Prize Possession for
What are the proper journal entries, ignoring taxes unless otherwise stated?
July, 2014: Mover n Shaker sells 25% of its holdings in Prize Possession for $5,000 (Before any mark to market adjustments of the value of remaining holding in Prize Possession).
a. Debit Cash $5,000; Credit Marketable Securities $5,000
b. Debit Cash $5,000; Credit Marketable Securities $3,750; Credit Retained Earnings $1,250
c. Credit Cash $5,000; Debit Marketable Securities $3,750; Debit Goodwill $1,250
d. Debit Cash $5,000; Credit Marketable Securities $1,250; Credit Retained Earnings $3,750
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Auditing Information Systems
Authors: Jack J. Champlain
2nd Edition
0471281174, 978-0471281177
