On April 26, Textmark Company purchased 1,200 shares of XYZ Company

| September 6, 2016

Question
On April 26, Textmark Company purchased 1,200 shares of XYZ Company common stock for $28 per share plus a $60 brokerage fee. These shares are categorized as trading securities. Which of the following is a correct entry to record the purchase:

A.)Debit Common Stock for $33,600.

B.) Debit Cash for $33,660.

C.) Debit Short-term Investments-Trading for $33,600.

D.) Debit Short-term Investments-Trading for $33,660.

E.) Debit Brokerage Fee Expense for $60.

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