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Sagot :
Answer and Explanation:
The journal entry is shown below:
Long term investment - AFS $8,900
To Cash $8,900
(Being cash paid is recorded)
here long term investment is debited as it increased the assets and credited the cash as it decreased the assets
Answer:
Date Account Title Debit Credit
Sept. 15 Investment in Available For Sale $8,900
Security
Cash $8,900
Cash will be credited to recognize that it reduced on account of it being used to pay for the investment. The investment will be treated as an asset so it will be debited to recognize that it is an increase.
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