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On December 28, Summit purchased Microsoft common shares for $466,000. On December 31, the shares had a fair value of $464,000. Record the initial investment by Summit and, if appropriate, an adjustment to record the investment at fáir value. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet < 1 2 Record the purchase of the investment. Note: Enter debits before credits. Date December 28 General Journal Debit Credit

On December 28, Summit purchased Microsoft common shares for $466,000. On December 31, the shares had a fair value of $464,000. Record the initial investment by Summit and, if appropriate, an adjustment to record the investment at fáir value. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet < 1 2 Record the purchase of the investment. Note: Enter debits before credits. Date December 28 General Journal Debit Credit

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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On December 28, Summit purchased Microsoft common shares for $466,000. On December 31, the shares had a fair value of $464,000. Record the initial investment by Summit and, if appropriate, an adjustment to record the investment at fáir value. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 2 Record the purchase of the investment. Note: Enter debits before credits. Date December 28 Record entry General Journal Clear entry Debit Credit View general Journal
Transcribed Image Text:On December 28, Summit purchased Microsoft common shares for $466,000. On December 31, the shares had a fair value of $464,000. Record the initial investment by Summit and, if appropriate, an adjustment to record the investment at fáir value. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 2 Record the purchase of the investment. Note: Enter debits before credits. Date December 28 Record entry General Journal Clear entry Debit Credit View general Journal
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