Yeloe Corporation sells 400 shares of common stock being held as an investment. The shares were acquired six months ago at a cost of $60 a share. Yeloe sold the shares for $40 a share. The entry to record the sale entails a Select one: a. debit to Cash of $16,000, a debit to Loss on Sale of Stock Investments of $8,000, and a credit to Stock Investments of $24,000 b. debit to Cash of $16,000, and a credit to Stock Investments of $16,000 c. debit to Stock Investments of $16,000, a debit to Loss on Sale of Stock Investments of $8,000, and a credit to Cash of $24,000 d. debit to Cash of $24,000, a credit to Gain on Sale of Stock Investments of $8,000, and a credit to Stock Investments of $16,000

a.

Explanation:

Cash (400*40)              Dr.$16,000

Loss on sale of stock investments (400*40-400*600  Dr.$8,000

Stock Investments  (400*60)                                          Cr.$24,000

As the stock was sold $20 below its purchase price therefore $20*400 will be recorded as loss on investments.The loss on investments and Cash will be debited and investments have decreased therefore credited.

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