Use the following information to answer questions.
Wells Inc. reported these transactions relating to marketable Held for Trading Investments intended to generate net income and to be sold in the near term:
-The entry to record the sale of the shares on Oct 1 would include a
A) credit to Held for Trading Investments for $3,800.
B) credit to Realized Gain for $800.
C) credit to Unrealized Gain for $800.
D) debit to Unrealized Gain for $3,800.

Question

Use the following information to answer questions.
Wells Inc. reported these transactions relating to marketable Held for Trading Investments intended to generate net income and to be sold in the near term: 
-The entry to record the sale of the shares on Oct 1 would include a
A) credit to Held for Trading Investments for $3,800. 
B) credit to Realized Gain for $800. 
C) credit to Unrealized Gain for $800. 
D) debit to Unrealized Gain for $3,800.

Quizplus · Accepted Answer

The Answer of Use the following information to answer questions.
Wells Inc. reported these transactions relating to marketable Held for Trading Investments intended to generate net income and to be sold in the near term: 
-The entry to record the sale of the shares on Oct 1 would include a
A) credit to Held for Trading Investments for $3,800. 
B) credit to Realized Gain for $800. 
C) credit to Unrealized Gain for $800. 
D) debit to Unrealized Gain for $3,800.

Use the Following Information to Answer Questions