Entry to record the acquisition of the securities


A company purchases 1,000 shares of ABC Corporation for $123,000 and management considers this investment to be securities available for sale. The entry to record the acquisition of the securities would include:

a) A debit to Cash for $123,000.

b) A debit to Securities available for Sale for $123,000.

c) A credit to Securities available for Sale for $123,000.

d) A credit to Common Stock for $123,000.

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Accounting Basics: Entry to record the acquisition of the securities
Reference No:- TGS044067

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