Weygandt, Financial & Managerial Accounting, 2e Help I System Announcements (1 U

Question

Weygandt, Financial & Managerial Accounting, 2e Help I System Announcements (1 Unread) PRINTER VERSION 1BACK NEXT Multiple Choice Question 68 Vaughn Corporation makes a short-term investment in stock is purchased for $54 a share. The entry for the purchase is 320 shares of Cullumber Company's common stock. The Stock Investments 16320 Cash 16320 Debt Investments 17280 Cash 17280 17280 Stock Investments Cash 17280 16787 Stock Investments Cash SUBMIT ANSWER SAVE FOR LATER SUBMIT ANSW Question Attempts: 0 of 1 used

Explanation / Answer

Answer is C

The entry for the purchase is:

General Journal Debit Credit Stock Investments(320 × $54) $17,280 Cash $17,280

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