December 31, 2021, the trading investments for Foress Inc. are as follows: Security Cost Fair Value A
Question:
December 31, 2021, the trading investments for Foress Inc. are as follows:
Security | Cost | Fair Value | |||
---|---|---|---|---|---|
A | $18,500 | $20,800 | |||
B | 12,600 | 14,300 | |||
C | 21,500 | 19,500 | |||
Totals | $52,600 | $54,600 |
(a)
Prepare the adjusting entry at December 31 to report the trading investment portfolio at fair value. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Date | Account Titles and Explanation | Debit | Credit |
---|---|---|---|
Dec. 31 | enter an account title for the adjusting entry on December 31 | enter a debit amount | enter a credit amount |
enter an account title for the adjusting entry on December 31 | enter a debit amount | enter a credit amount |
Accounting Principles Volume 2
ISBN: 978-1119502555
8th Canadian Edition
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak