Comoco Purchased $3,000 of Borel Ltd Shares Intending to Sell

question 59

True/False

Comoco purchased $3,000 of Borel Ltd shares intending to sell the shares within a short time at a profit.The journal entry to record the transaction would include a debit to cash and a credit to short-term investments.

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Definitions:

Brainstorming

A group creativity technique designed to generate a large number of ideas for the solution of a problem.

Wisdom Of Crowds

The collective opinion of a group of individuals rather than a single expert, often more accurate than the majority of individual opinions.

Diversity Of Opinion

The presence of varying viewpoints and perspectives within a group or discussion.

Chief Executive Officer

The highest-ranking executive in a company or organization, responsible for making major corporate decisions, managing the overall operations and resources, and serving as the main point of communication between the board of directors and corporate operations.