9. On August 20, 2025, Micco Co. decides to invest excess cash of $3,200 by purchasing Finch, Inc. bonds. At year-end, December 31, 2025, the market price of the bonds was $2,600. The investment is categorized as available-for-sale debt. Journalize the adjusting entry needed at December 31, 2025. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit Dec. 31, 2025
9. On August 20, 2025, Micco Co. decides to invest excess cash of $3,200 by purchasing Finch, Inc. bonds. At year-end, December 31, 2025, the market price of the bonds was $2,600. The investment is categorized as available-for-sale debt. Journalize the adjusting entry needed at December 31, 2025. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit Dec. 31, 2025
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![9. On August 20, 2025, Micco Co. decides to invest excess cash of $3,200 by purchasing Finch, Inc. bonds. At year-end, December 31, 2025, the market price of the bonds was $2,600. The investment is categorized as available-for-sale
debt. Journalize the adjusting entry needed at December 31, 2025. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.)
Date
Accounts and Explanation
Debit
Credit
Dec. 31, 2025](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fbbfeb8c8-0d26-4a51-992f-4b84696d9e4a%2Fed5db953-8c3b-475e-9139-66cfef340949%2Fiu6eg5_processed.png&w=3840&q=75)
Transcribed Image Text:9. On August 20, 2025, Micco Co. decides to invest excess cash of $3,200 by purchasing Finch, Inc. bonds. At year-end, December 31, 2025, the market price of the bonds was $2,600. The investment is categorized as available-for-sale
debt. Journalize the adjusting entry needed at December 31, 2025. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.)
Date
Accounts and Explanation
Debit
Credit
Dec. 31, 2025
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