Required Information Use The Following Information For The Exercises Below Algo The Following Information Applies To 1 (34.24 KiB) Viewed 61 times
Required Information Use The Following Information For The Exercises Below Algo The Following Information Applies To 2 (43.68 KiB) Viewed 61 times
Required Information Use The Following Information For The Exercises Below Algo The Following Information Applies To 3 (37.94 KiB) Viewed 61 times
Required information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below) Brooks Company purchases debt investments as trading securities at a cost of $51,000 on December 27. This is its first and only purchase of such securities. At December 31, these securities had a fair value of $58,000 Exercise 15-2 (Algo) Accounting for debt investments classified as trading LO P1 1. Prepare the December 27 entry for the purchase of debt investments. 2. & 3. Prepare the December 31 year-end fair value adjusting entry for the trading securities' portfolio and the January 3 entry when Brooks sells a portion of its trading securities (costing $25,500) for $27,250 cash. Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 and 3 Prepare the December 27 entry for the purchase of debt investments
Required information Req 1 Reg 2 and 3 Prepare the December 27 entry for the purchase of debt investments. View transaction list Journal entry worksheet < 1 > Record purchase of trading securities. Note: Enter debits before credits. Dato General Journal December 27 Debit Credit Record entry Clear entry View general Journal
Required information Reg 1 Reg 2 and 3 Prepare the December 31 year-end fair value adjusting entry for the trading securities' portfolio and the January 3 entry when Brooks sells a portion of its trading securities (costing $25,500) for $27,250 cash. View transaction list Journal entry worksheet 1 2 Record the year-end adjustment to fair value, if any. Note: Enter debits before credits General Journal Debit Credit Date December 31 Record entry Clear entry View general Journal
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