On June 1, 2022, Mango Corp

question 116

Multiple Choice

On June 1, 2022, Mango Corp.purchased Papaya Corp.common shares for $12,100 as a trading investment.Three months later, Mango sold these shares for $13,000.The entry to record the sale would include a

• A)debit to Cash of $12,100.
• B)credit to Interest Income of $900.
• C)credit to Trading Investments of $13,000.
• D)credit to Realized Gain on Trading Investments of $900.

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Definitions:

Procedures

Established methods or steps followed to accomplish a particular task or to conduct an experiment.

Problems

Issues or obstacles that arise and need to be dealt with or overcome, often requiring thought, strategy, and action to resolve.

Mental Set

A framework or mindset that shapes how an individual approaches problems, often based on past experiences and can sometimes hinder problem-solving.

Relationship Strategy

Approaches and techniques used to develop, maintain, or improve interpersonal relationships.