White Corporation sells 300 shares of common stock being held as an investment.

Question

White Corporation sells 300 shares of common stock being held as an investment. The shares were acquired six months ago at a cost of $60 a share. White sold the shares for $40 a share. The entry to record the sale is.......... A) DR CASH 12000/ CR STOCK INVESTMENTS 12000.....B) DR CASH 18000/ CR GAIN ON SALE OF STOCK 6000/ CR STOCK INVESTMENT 12000.... C) DR STOCK INVESTMENTS 12000/ DR LOSS ON SALE OF STOCK 6000/ CR CASH 18000....D) DR CASH 12000/ DR LOSS ON SALE OF STOCK 6000/ CR STOCK INVESTMENTS 18000

Explanation / Answer

its D DR CASH 12000/ DR LOSS ON SALE OF STOCK 6000/ CR STOCK INVESTMENTS 18000

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