Question: Please help! Everything that is filled in is correct I believe ( : Journal entry worksheet 1 2 3 4 5 Record the change in
Please help! Everything that is filled in is correct I believe : Journal entry worksheet
Record the change in fair value of the futures contract.
Note: Enter debits before credits.
begintabularllll
hline Date & General Journal & Debit & Credit
hline & Futures contract wheat & &
hline & Other comprehensive income OCI gain & &
hline & & &
hline & & &
hline & & &
hline & & &
hline
endtabular Journal entry worksheet
beginarraylllll & & & & endarray
Record the change in fair value of the futures contract.
Note: Enter debits before credits.
begintabularllll
hline Date & General Journal & Debit & Credit
hline & Futures contract wheat & &
hline & Other comprehensive income OCI gain & &
hline & & &
hline & & &
hline & & &
hline & & &
hline
endtabular Journal entry worksheet
beginarrayllllltext & & & & endarray
Record the net settlement of the futures contract.
Note: Enter debits before credits.
begintabularllll
hline Date & General Journal & Debit & Credit
hline & Cash & &
hline & Futures contract wheat & &
hline & & &
hline & & &
hline & & &
hline & & &
hline
endtabular Journal entry worksheet
Record the purchase of wheat inventory at the spot rate.
Note: Enter debits before credits.
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