eBook Print Item Journal entries for available-for-sale securities M. Jones Inc. purchased the following available-for-sale securities during 20Y5, its first year of operations: Issuing Company Cost Arden Enterprises Inc. $150,000 French Broad Industries Inc. 66,000 Pisgah Construction Inc. 104,000 Total $320,000 The fair value of the various available-for-sale securities on December 31, 20Y5, was as follows: Fair Value Issuing Company Dec. 31, 20Y5 Arden Enterprises Inc. $170,000 French Broad Industries Inc. 71,500 Pisgah Construction Inc. 96,000 $337,500 a. Journalize the adjusting entry for the fair value of the portfolio of securities on December 31, 20Y5. If no entry is required, select "no entry required" and leave the amount box blank. If an amount box does not require an entry, leave it blank.
M. Jones Inc. purchased the following available-for-sale securities during 20Y5, its first year of operations:
| Issuing Company | Cost | |
| Arden Enterprises Inc. | $150,000 | |
| French Broad Industries Inc. | 66,000 | |
| Pisgah Construction Inc. | 104,000 | |
| Total | $320,000 |
The fair value of the various available-for-sale securities on December 31, 20Y5, was as follows:
| Fair Value | |
| Issuing Company | Dec. 31, 20Y5 |
| Arden Enterprises Inc. | $170,000 |
| French Broad Industries Inc. | 71,500 |
| Pisgah Construction Inc. | 96,000 |
| $337,500 |
a. Journalize the
Introduction:-
The act of recording or keeping track of any financial or non-financial action is known as a journal entry.
An accounting journal keeps track of transactions and shows the debit and credit balances of a business. Every entry in the journal entry either be a debit or a credit. Otherwise, if the total of the debits does not equal the total of the credits, the journal entry is said to be unbalanced.
Recurring items that can be reported in journal entries include depreciation and bond amortisation. Journal entries are often entered in a separate module from accounts payable, which has its own subledger with an indirect influence on the general ledger.
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