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need well explained computed and clear answer provide narrations also

need well explained computed and clear answer provide narrations also

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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need well explained computed and clear answer provide narrations also

 

Required information [The following information applies to the questions displayed below.] The accounting records of Jamaican Importers, Incorporated, at January 1, 2024, included the following: Assets: Investment in IBM common shares Less: Fair value adjustment No changes occurred during 2024 in the investment portfolio. Required: 1. Prepare appropriate adjusting entry(s) at December 31, 2024, assuming the fair value of the IBM common shares was $1,345,000. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet 1,945,000 (205,000) $ 1,740,000 Record the fair value adjustment assuming the fair value of the IBM common shares was $1,345,000. Note: Enter debits before credits. General Journal Transaction 1 Record entry Clear entry Debit Credit View general journal
Transcribed Image Text:Required information [The following information applies to the questions displayed below.] The accounting records of Jamaican Importers, Incorporated, at January 1, 2024, included the following: Assets: Investment in IBM common shares Less: Fair value adjustment No changes occurred during 2024 in the investment portfolio. Required: 1. Prepare appropriate adjusting entry(s) at December 31, 2024, assuming the fair value of the IBM common shares was $1,345,000. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet 1,945,000 (205,000) $ 1,740,000 Record the fair value adjustment assuming the fair value of the IBM common shares was $1,345,000. Note: Enter debits before credits. General Journal Transaction 1 Record entry Clear entry Debit Credit View general journal
Required information [The following information applies to the questions displayed below.] The accounting records of Jamaican Importers, Incorporated, at January 1, 2024, included the following: Assets: Investment in IBM common shares Less: Fair value adjustment No changes occurred during 2024 in the investment portfolio. View transaction list 2. Prepare appropriate adjusting entry(s) at December 31, 2024, assuming the fair value of the IBM common shares was $1,790,000. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet < 1 Record the fair value adjustment assuming the fair value of the IBM common shares was $1,790,000. Note: Enter debits before credits. Transaction 1 Record entry 1,945,000 (205,000) 1,740,000 General Journal $ Clear entry Debit Credit View general journal Required information [The following information applies to the questions displayed below) The accounting records of Jamaican Importers, Incorporated, at January 1, 2024, included the following: Assets: Investment in IBM common shares. Less: Fair value adjustment No changes occurred during 2024 in the investment portfolio. View transaction list 3. Prepare appropriate adjusting entry(s) at December 31, 2024, assuming the fair value of the IBM common shares was $1,970,000. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet < 1 Record the fair value adjustment assuming the fair value of the IBM common shares was $1,970,000. Note: Enter debits before credits. Transaction Record entry 1,945,000 (205,000) 1,740,000 General Journal $ Clear entry Debit Credit View general journal
Transcribed Image Text:Required information [The following information applies to the questions displayed below.] The accounting records of Jamaican Importers, Incorporated, at January 1, 2024, included the following: Assets: Investment in IBM common shares Less: Fair value adjustment No changes occurred during 2024 in the investment portfolio. View transaction list 2. Prepare appropriate adjusting entry(s) at December 31, 2024, assuming the fair value of the IBM common shares was $1,790,000. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet < 1 Record the fair value adjustment assuming the fair value of the IBM common shares was $1,790,000. Note: Enter debits before credits. Transaction 1 Record entry 1,945,000 (205,000) 1,740,000 General Journal $ Clear entry Debit Credit View general journal Required information [The following information applies to the questions displayed below) The accounting records of Jamaican Importers, Incorporated, at January 1, 2024, included the following: Assets: Investment in IBM common shares. Less: Fair value adjustment No changes occurred during 2024 in the investment portfolio. View transaction list 3. Prepare appropriate adjusting entry(s) at December 31, 2024, assuming the fair value of the IBM common shares was $1,970,000. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet < 1 Record the fair value adjustment assuming the fair value of the IBM common shares was $1,970,000. Note: Enter debits before credits. Transaction Record entry 1,945,000 (205,000) 1,740,000 General Journal $ Clear entry Debit Credit View general journal
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