On January 1, 20Y3, Valuation Allowance for Trading Investments had a zero balance. On December 31, 20Y3, the cost of the trading securities portfolio was $380,400, and the fair value was $346,500. Required: Journalize the December 31, 20Y3, adjusting entry to record the unrealized gain or loss on trading investments
On January 1, 20Y3, Valuation Allowance for Trading Investments had a zero balance. On December 31, 20Y3, the cost of the trading securities portfolio was $380,400, and the fair value was $346,500. Required: Journalize the December 31, 20Y3, adjusting entry to record the unrealized gain or loss on trading investments
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter15: Investments And Fair Value Accounting
Section: Chapter Questions
Problem 2PA: Rios Financial Co. is a regional insurance company that began operations on January 1, Year 1. The...
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On January 1, 20Y3, Valuation Allowance for Trading Investments had a zero balance. On December 31, 20Y3, the cost of the trading securities portfolio was $380,400, and the fair value was $346,500.
Required:
Journalize the December 31, 20Y3, adjusting entry to record the unrealized gain or loss on trading investments. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. |
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General Ledger | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Journalize the December 31, 20Y3, adjusting entry to record the unrealized gain or loss on trading investments. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.
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JOURNAL
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