Some of Grand Junction Corporations investment securities are classified as trading securities and some are classified as
Question:
Some of Grand Junction Corporation’s investment securities are classified as trading securities and some are classified as available-for-sale.The cost and market value of each category at December 31, 2010, was as follows.
At December 31, 2009, the Market Adjustment—Trading account had a debit balance of $2,200, and the Market Adjustment—Available-for-Sale account had a credit balance of $7,750. Prepare the required journal entries for each group of securities for December 31, 2010.
Unrealized Gain (Loss) Fair Value Cost Trading securities Available-for-sale securities $(11,400) $ 4,200 $96,300 $59,000 $84,900 $63,200
Step by Step Answer:
Trading securities Unrealized Loss x Income 1...View the full answer
Accounting Principles
ISBN: 978-0470533475
9th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
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